Masthaven Bank secured loans review

Masthaven Bank provides second-charge mortgages of £10,000 to £750,000 to UK homeowners and property investors, including those with a poor credit history.

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Masthaven Bank

Masthaven Bank does not offer secured loans directly to its customers, so you will need to apply through one of its trusted brokers. Please be aware that the broker will receive a fee for its services. Always compare lenders before deciding on a loan to ensure you are getting the best deal for your circumstances.

Previously known as Masthaven Finance, Masthaven Bank began life as a private lender in 2004. In 2016 it became the first new bank to be granted a banking licence. The lender says its modern digital infrastructure combined with excellent customer service is what sets it apart from its competitors.

Whether you’re improving your home, paying for a wedding or consolidating debt, Masthaven Bank could help with a secured loan of up to £750,000. It’s easy to apply online through one of Masthaven Bank’s registered brokers.

Want to see which lenders can offer you a secured loan?

  • Good and bad credit histories accepted.
  • Quick loan funding with no hidden costs.
  • 1 fast, simple form to compare multiple lenders without affecting your credit score.

Warning: late repayments can cause you serious money problems. See our debt help guides.

Warning: your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured on it.

What is a second-charge mortgage?

Like your existing (first-charge) mortgage, a second-charge mortgage is a type of loan that is secured against your home or property. You must think carefully before taking out a second-charge mortgage, as your property will be at risk if you don’t keep up repayments.

Masthaven Bank offers second-charge mortgages on both residential homes and buy-to-let investment properties.

Key features of an Masthaven Bank loan at a glance

  • Borrow £10,000 to £750,000. Masthaven Bank will lend up to 75% of the value of your property, less your outstanding mortgage.
  • Repay over terms of up to 35 years. Choose a repayment plan to suit your budget.
  • Variable or fixed rates. You can choose to fix your interest rate for a set term to help you budget.
  • Interest-only option. If you are a buy-to-let owner you can choose for your repayments to pay off only the interest of your loan. The full loan will be repaid using profits from the sale of your investment, or you must have another method of repayment.
  • Variable and fixed rates. You can choose to fix your interest rate for a set term to help you budget for the monthly repayments.
  • Security. Your property will be used as security on your loan. Missing repayments will put your property at risk, so always ensure that you can afford the loan you are asking for before you apply.
  • Self-employed, contractors, and short work histories considered. Masthaven Bank will primarily consider your ability to afford the repayments for the length of the term.
  • Poor credit histories considered. You may still be accepted for a loan if you have a less than perfect credit score. You will, however, have to prove you can comfortably afford the repayments.

Am I eligible for a Masthaven Bank secured loan?

You should only apply for a Masthaven Bank secured loan if you are certain you can meet the repayment terms. You must also meet the following criteria:

Residential second-charge mortgage:

  • Be aged over 18. You must be aged under 85 at the end of your loan term
  • Be a homeowner
  • Live in England, Scotland or Wales
  • Be employed or self-employed. Masthaven Bank will also consider you if you are a contractor, or have a short work history
  • Have a minimum income of £100,000 per year

Buy-to-let second-charge mortgage:

  • Be aged over 18. You must be aged under 85 at the end of your loan term
  • Be a homeowner
  • Live in England, Scotland or Wales
  • Have a rental income of at least 125% of your monthly repayment amount
  • Have a minimum property value of £100,000

How do I apply?

  1. Masthaven Bank does not sell its second-charge mortgages directly to customers. They are only available through a number of mortgage brokers, or “intermediaries”, who specialise in this market. You can contact Masthaven Bank to find a suitable company to apply through.
  2. The broker will ask you about your circumstances and finances and about your requirements. They will then recommend a loan that is most suitable for your circumstances. They will also be responsible for arranging your loan.
  3. Your intermediary should explain the terms and conditions of the loan, as well as what the various documents mean. You should always ask for an explanation if you don’t understand any part of your second-charge mortgage agreement, including the terms and conditions.
  4. Once you have understood and signed your loan agreement, Masthaven Bank will transfer the funds to your bank account.


Before taking out a homeowner loan, you should consider all of your options carefully. Other ways of gaining funds secured against your home or an asset include:

  • Car loans. These secured loans can be for new or used cars. You can find car loans from most banks and credit unions, as well as dealerships and standalone car loan lenders. You can usually repay the loan at any time by returning the car.
  • Line of credit loans. If you’re looking to renovate, invest in property, go on a holiday or buy a new car, you can consider this type of loan. Also called a “home equity” loan, it can be drawn on continually based on the equity held in your property. This is a flexible way to access funds, which could suit you if the amount of credit you need is going to change over time.
  • Personal asset secured loans. High-priced assets such as boats, motorbikes and jewellery are accepted by some lenders as a guarantee. Your item or collection of items is valued and then used as security, allowing you to take out the loan you need. You generally won’t find these loans at major banks.

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