Masthaven was the first new bank to be granted a banking licence in 2016 offering savings deposit accounts and mortgages. It aims to provide customers with great service and good rates.
Its masthaven bank reviews can be both traditional (first-charge) and second charge which allow homeowners to borrow based on their equity. It also offers buy-to-let mortgages and bridging loans. It is authorised and regulated by the Prudential Regulation Authority.
A key feature of masthaven bank is that it will lend to people who might struggle elsewhere. This is because it doesn’t credit score, and instead relies on its own panel of financial experts to review applications. This means that CCJs and defaults are ignored (as long as they are satisfied) and even those with a bad history of late payments or bankruptcy can still be approved.
Masthaven Bank Reviews: What Customers Say About Their Banking Experience
In addition, it also allows borrowers who are self-employed or contractors (provided they can provide proof of income) to apply. This is unusual as many lenders prefer to only loan to those who are salaried.
However, the company has announced that it is to withdraw from the UK banking market, and it will reduce its range of savings products and sell its mortgage book by 2023. Savers with fixed term accounts which are due to mature will have their money returned to them either after or before the end of the term. Customers who have a mortgage with the company will continue to make their payments as normal.