Masthaven launches fee-free remortgages

Masthaven launches fee-free remortgages

Masthaven Bank is offering a range of first charge residential two- and five-year fixed rate remortgage products carrying no extra fees.

The products offer a maximum loan of £250,000, up to 65 per cent LTV. The two-year fix is available at a rate of 3.59 per cent, while the five-year fix is available at 3.99 per cent.

They carry no standard legal fees, lender fee or application fee, and a free valuation.

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The range also comes with low early repayment charges of 2 per cent in the first year, and 1 per cent for the remainder of the initial deal period.

Rob Barnard, director of intermediaries at Masthaven, said the lender was working to “respond positively” to market changes and doing all it can to support its broker partners during a “challenging time.”

The lender said the launch was a response to demand for fee-free remortgages during the coronavirus outbreak.

Aaron Strutt, product and communications director at Trinity Financial, said: “Masthaven is targeting borrowers looking to switch lenders rather than purchase properties because these deals are easier and faster to get through.

"The products have virtually no setup fees to reduce the cost of switching providers. As the product has low exit fees borrowers could potentially repay the mortgage earlier if they qualify for a cheaper deal with another lender.”