Masthaven Bank to stop offering savings accounts and mortgage loans over the next two years – what it means for you – MoneySavingExpert

by MoneySaverExpert

Masthaven mortgage or bridging loan borrower? Continue to repay as normal though check if you can save by switching

Unlike Masthaven’s savings accounts, which it plans to completely close, the lender is hoping to sell on its mortgage book. A decision is yet to be made on whether to sell on, or simply run down its bridging loans. This could mean a shake-up for borrowers in future but for now your terms remain the same and you should continue to make repayments as normal (the bank will also still collect repayments as usual). 

When Masthaven finds a lender to take on these loans, it will contact customers to let them know – so again, ensure it has your up-to-date contact details using the info above.  

Of course, you can use this as a good opportunity to check if you can move your loan or mortgage elsewhere – particularly with a Bank of England base rate rise potentially on the cards. For more information on mortgages, check out our wide range of guides and our Mortgage best buys tool.

You can also see Masthaven Bank’s FAQs for borrowers.

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