Masthaven Bank Secured Loans
- We've teamed up with the UK's favourite secured loan broker* Fluent Money to help you in your secured loans search
- Homeowner secured loans usually have to be applied for through a broker using your property as security
- Compare Masthaven Bank Ltd against other secured lenders using the calculator below
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a loan or any other debt secured on it. Click here for a representative example
Other Secured Lenders
Please note: Loans displayed have a minimum term of 12 months and a maximum term of 360 months. Maximum APRC charged 49.9%.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
Our comparison service features a selection of providers from whom we receive commission. This table is ordered by initial rate. *Fluent Money completes more secured loans than any other broker.
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Masthaven Secured Loans FAQ
Who is Masthaven Bank?
Masthaven Bank is an online bank that has been offering secured lending since 2004. It has recently been approved for a general banking license and now offers a range of retail banking services, including savings accounts, loans and some business financing services.
Does Masthaven Bank offer secured loans?
Yes, Masthaven Bank offers secured loans to homeowners in the UK who meet their eligibility requirements. It offers first charge mortgages, as well as second charge mortgages, which are traditionally known as ‘secured loans’. The bank also offers bridging loans and development finance.
How is a secured loan different to a personal loan?
Secured loan lenders, such as Masthaven Bank, will often offer larger sums than personal loan lenders and will often agree to a much longer repayment period of a number of years in some cases. Interest rates charged are also often lower than those applied to personal loans. This is because the risk of lending is less, as the debt is secured.
Secured loans are also sometimes easier to access for people with bad credit. However, borrowers should consider whether they can afford the long-term repayment responsibility of a secured loan and also think carefully before risking their home.
What can I use a Masthaven Bank secured loan for?
Secured loans from Masthaven Bank, in the form of second charge mortgages, are usually used to help cover large expenses, from home renovations to unexpected tax bills. Borrowers also use Masthaven Bank secured loans to help fund start-up businesses or even to consolidate existing debt. If you are considering taking out a secured loan for this purpose, however, be aware that the overall cost of the debt could increase if you spread the debt over a longer term to make it more manageable.
What are the eligibility criteria for a Masthaven Bank secured loan?
It goes without saying that you will need to be a homeowner with an existing mortgage in order to qualify for a second charge mortgage with Masthaven Bank. You will also need to meet other criteria, such as credit checks, affordability checks and employment status checks.
Are there risks involved in taking out a secured loan?
When you take out a secured loan with Masthaven Bank or any other provider, you agree to secure the value of the loan against your property. This means that your lender can force the sale of that property to cover the debt if you find that you cannot meet the repayments. Therefore, it’s vital to contact your lender immediately if you feel you might be struggling financially as they may be able to help restructure the repayment schedule to suit you better. If you miss repayments, you may incur penalty charges and your credit score is likely to be affected.
Where does the NerdWallet’s information for Masthaven Bank come from?
We work with a popular secured loan broker, Fluent. Brokers are often useful when looking for a secured loan as they will help you to find the right loan for you. However, you can also sometimes borrow direct with a lender.
Services offered by this provider may change over time. Always check Ts&Cs.
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