Masthaven Secured Loans
Masthaven is a digital bank who provide mortgages, bridging finance, development finance and secured loans to customers in England, Wales and Scotland (not Northern Ireland). They have no physical branches with their customer service presence being entirely online, over the phone and by post.
Masthaven offer secured loans on residential owner-occupied and investment properties for a variety of purposes, including to fund property improvements, car finance and debt consolidation.
Advantages of secured loans
A secured loan is a form of borrowing where the debt is “secured” against an asset – normally a piece of property. This can allow you to borrow more, for longer and at a better rate of interest than unsecured borrowing.
Secured loans can often be accessed quickly, with some lenders able to release funds into your account within a matter of days. If speed is a priority, it is usually a good idea to act through a broker as they will have knowledge and contacts to help you quickly find the money you need at the best available rate.
It is important to understand that by securing a loan against property or any other asset you are potentially putting that asset at risk if you fail to repay your loan.
How much will a secured loan with Masthaven cost?
There are various costs associated with taking out a secured loan. There are likely to be various fees to pay, including an arrangement fee and solicitors’ fees, however, the biggest cost is likely to be your monthly interest payments.
The interest rates on secured loans vary considerably but will tend to depend on factors including:
- How much you borrow
- The length of time you want to repay over
- Your loan to value ratio (LTV)
- Your credit rating
- The current Bank of England Base Rate (or equivalent)
To get the best possible interest rate, it is highly recommended to spend some time researching various providers and shopping around, or simply using a loan broker to do this for you.
How to get a secured loan with Masthaven
Like many UK secured loan lenders, Masthaven only work with authorised intermediaries meaning their loan are not available direct to borrowers. To find out if are likely to be eligible for a Masthaven secured loan or to make an application, you will need to work through a professional loan broker.
Masthaven may need to carry out a valuation in order to make an offer of a secured loan, although they are able to accept automated valuations in some instances, which can speed up and simplify the process.
Compare Masthaven secured loans
Masthaven is just one of a wide range of lenders offering secured loans in the UK. To get the best deal on your secured borrowing, it is highly recommended to compare and contrast different loan deals from all the leading lenders.
Our secured loan comparison tool at the top of the page allows you to do just that. By gathering together in one place leading deals from all the top secured loan providers, we have made it easy and quick to find the right deal for you. Head to the top of the page and take a look.