Masthaven secured loans review

Masthaven Finance is a specialist UK lender that has carved out a niche in the secured loans market by taking a manual, personalised approach to underwriting. If mainstream lenders have turned you down due to complex income, credit history issues, or other non-standard circumstances, Masthaven secured loans could be worth considering.

Following a restructure in February 2025, when founder Andrew Bloom merged the business with Spring Finance to create the current Masthaven Finance brand, the lender is now positioned as a non-bank specialist focused on secured loans, bridging finance, and development finance. Masthaven Bank Limited is registered in England and Wales, with its headquarters in Soho, London. The Masthaven name has been associated with bridging loans and secured lending since 2004.

This review looks at Masthaven's secured loan products, fees, eligibility criteria, and how the lender compares to competitors such as United Trust Bank and Pepper Money, to help you decide whether it's the right choice for your circumstances.

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

Overall rating: 3.5 out of 5

Key strengths

• Manual underwriting that looks beyond credit scores
• Accepts complex income types including contractors and the self-employed
• Flexible with adverse credit, including older credit issues
• Wide range of loan terms, from 2 to 30 years

Key weaknesses

• Lower maximum loan than some competitors (£300,000 versus £1 million elsewhere)
• Mixed customer reviews, particularly around communication
• Only available through approved brokers
• Processing times can be lengthy

Before looking at Masthaven's specifics, it's worth understanding how secured loans work, especially if you're new to this type of borrowing.

A secured loan uses your property as collateral. You borrow a sum of money and repay it over an agreed term. Because the lender holds security over your home, they're often willing to lend larger amounts than an unsecured personal loan would allow.

Secured loans are sometimes called ‘homeowner loans’ or ‘second charge mortgages’. Masthaven secured loans are typically second charge mortgages, running alongside your existing mortgage rather than replacing it. The term ‘second charge’ means the loan sits behind your main mortgage in priority - if you sold your home, your mortgage lender would be paid first, then the secured loan lender. A ‘first charge’ is the primary security interest on a property, usually held by your main mortgage provider.

The key trade-off is risk. With a secured loan, you're putting your home on the line. If you can't keep up repayments, the lender can ultimately repossess your property to recover what's owed. That's why it's important to borrow only what you can afford, and to think carefully about whether a secured loan is the right option for your circumstances. Speak to an advisor if you're unsure.

Masthaven has an interesting history in UK lending. Originally founded in 2004 as Masthaven Solutions, the company focused on bridging loans and secured lending before obtaining a full UK banking licence in 2016. Masthaven offers secured loans to homeowners in England, Wales, or mainland Scotland.

The timeline is more complex from there. In 2019, investment firm Varde Partners invested in the business. Founder Andrew Bloom sold his controlling stake and stepped down as chief executive in 2020. Then in February 2022, Masthaven Bank announced it would withdraw from the UK banking market.

Bloom purchased Spring Finance in October 2021 and, in October 2024, bought back much of the Masthaven assets. In February 2025, the combined entity began trading as Masthaven Finance, a non-bank lender rather than a regulated bank.

What this means for borrowers

• Masthaven Finance is authorised and regulated by the Financial Conduct Authority
• Masthaven is also subject to oversight by the Prudential Regulation Authority
• It's no longer a bank, so it doesn't hold customer deposits
• The focus is now purely on lending: secured loans, bridging finance, and development funding
• Many experienced staff from the original Masthaven have returned to the business

The company's registered office is at 3 Theobald Court, Theobald Street, Borehamwood WD6 4RN, and it operates across England, Wales, and mainland Scotland.

Masthaven offers secured loans, also known as second charge mortgages, for homeowners who use their property as collateral. These loans are designed for borrowers whose circumstances don't fit mainstream lending criteria. Masthaven's approach relies on manual underwriting by experienced staff rather than automated credit scoring, with flexible terms to match different borrowing needs.

The maximum loan-to-value most lenders offer on secured loans ranges from around 60% to 75%, so Masthaven's 75% maximum sits at the upper end, giving borrowers access to a reasonable amount of capital against their property's value.

The loan amounts are more modest than some competitors - United Trust Bank, for example, offers secured loans up to £1 million. But for most borrowers needing between £10,000 and £300,000, Masthaven's range covers the majority of common borrowing needs.

The term flexibility is genuinely useful. Being able to borrow over as little as 2 years, or spread payments over as long as 30 years, gives you options that many lenders don't provide.

Interest rate types

Masthaven offers both fixed and variable rate secured loans.

Fixed rates lock in your interest rate for a set period, typically 2, 3, or 5 years. After the fixed period ends, you'll move to Masthaven's standard variable rate for secured loans.

Variable rates track this standard variable rate from the start, meaning your payments could go up or down depending on market conditions.

Some products may use ‘rolled up interest’, where interest is added to the loan balance rather than paid monthly. This can affect the maximum loan-to-value available and increases the total amount repayable over time.

Your actual rate will depend on your circumstances, including your credit history, loan-to-value ratio, and income. Speak to an advisor for a personalised illustration based on your circumstances.

Masthaven's eligibility criteria are designed to be more flexible than mainstream lenders, but there are still requirements to meet.

The minimum income thresholds are relatively modest compared to some competitors. More importantly, Masthaven's manual underwriting means an underwriter will look at your complete financial picture, including your income, credit history, and the purpose of your borrowing.

Credit history approach

This is where Masthaven differentiates itself. Rather than relying solely on credit scores, its underwriters examine:

• the monetary amounts of any missed payments
• the types of adverse credit on your file
• how recently issues occurred
• whether issues have been resolved

Masthaven can consider secured loans for borrowers with poor credit, including for debt consolidation. But there's often a condition: for debt consolidation, payments may need to be made directly to your creditors rather than released to you.

If you're worried about debt or unsure whether consolidating existing borrowing into a secured loan is the right move, MoneyHelper offers free, independent guidance. You can reach them at moneyhelper.org.uk or by calling 0800 138 7777.

Age limits

The minimum age for applicants is 18. There's some flexibility around maximum age depending on the product and term length. For bridging products, Masthaven accepts applicants up to age 85 on completion.

Geographic requirements

Your property must be located in England, Wales, or mainland Scotland. Northern Ireland and offshore islands aren't covered.

Understanding the total cost of borrowing matters. With secured loans, there are typically several fee components beyond the interest rate itself.

Fees can often be added to the loan amount rather than paid upfront. But if you add fees to the loan, you'll pay interest on them for the full term, which increases your total cost.

Early repayment

You can make overpayments or repay your Masthaven loan in full at any time, though an early repayment charge may apply depending on your product. These charges typically reduce the longer you hold the loan, eventually disappearing altogether. The exact charges will be set out in your loan agreement, so check this carefully before you commit.

Total cost considerations

The total amount you repay over the life of a secured loan includes the capital you borrow, interest charged over the term, and any fees. Because interest accrues over a long period, particularly on 20-30 year terms, the total cost can be substantially higher than the amount borrowed. This is why it's worth:

• comparing costs across multiple lenders, not just the headline rate
• considering whether a shorter term is affordable, since this reduces total interest
• factoring in all fees, not just the interest rate

Speak to an advisor for a personalised illustration of the total cost based on your circumstances.

The specialist secured loans market includes several well-established lenders. Here's how Masthaven compares to some key competitors.

Masthaven vs United Trust Bank

• Maximum loan: Masthaven lends up to £300,000, while United Trust Bank offers secured loans up to £1,000,000.
• Maximum LTV: Masthaven's maximum is 75-80%, compared to 90% at United Trust Bank.
• Maximum term: Both lenders offer terms up to 30 years.
• Adverse credit: Both lenders take a flexible approach.
• Best for: Masthaven suits complex income and moderate loan sizes; United Trust Bank suits larger loans and higher loan-to-value borrowing.

Choose Masthaven if you have complex income or need manual underwriting assessment, and your borrowing needs are under £300,000. Choose United Trust Bank if you need to borrow more than £300,000 or require a higher loan-to-value.

Masthaven vs Pepper Money

• Maximum loan: Masthaven's maximum is £300,000; Pepper Money's maximum varies by product.
• Maximum LTV: Masthaven offers up to 75-80%, compared to up to 85% at Pepper Money.
• Maximum age at term end: Masthaven is flexible; Pepper Money's maximum is 75.
• Adverse credit: Masthaven takes a very flexible approach; Pepper Money offers moderate tolerance.
• Processing: Masthaven's processing can be slow; Pepper Money is generally more efficient.

Choose Masthaven if you have significant adverse credit or complex income that needs careful assessment. Choose Pepper Money if you have moderate adverse credit and want potentially faster processing.

Masthaven vs Tandem Bank

• Maximum loan: Masthaven's maximum is £300,000; Tandem Bank's maximum varies by product.
• Maximum LTV: Masthaven offers up to 75-80%, while Tandem Bank offers up to 100% loan-to-value.
• High LTV lending: Masthaven takes a more conservative approach; Tandem Bank is more competitive for 85-100% LTV borrowing.
• Green incentives: Masthaven has none; Tandem Bank offers preferential terms for energy-efficient homes.

Choose Masthaven if you need manual underwriting for complex circumstances. Choose Tandem if you need higher loan-to-value borrowing or have an energy-efficient home.

Customer feedback on Masthaven is genuinely mixed, and it's worth understanding both sides before deciding whether to proceed.

Positive reviews often mention that clients were able to secure a loan that worked for their circumstances, with the process bringing clarity after being declined elsewhere. Many clients appreciated the support from Masthaven's team, noting that guidance throughout the borrowing process made a difference.

Trustpilot reviews

Based on available Trustpilot data, Masthaven has a rating of around 1.7-2.5 out of 5, with approximately 36% of reviews rated good or excellent and 52% rated as 1 star.

Common positive themes include a flexible approach to complex cases, with staff described as helpful when things went well. Common negative themes include communication delays, long waits for documentation, lengthy processing times (particularly in chain transactions), unclear fees and charges, and frustration with underwriting requests.

Feefo reviews

Feefo shows a more positive picture, at around 4.5 out of 5, with 72% of reviews giving 5 stars. This suggests that when the process runs smoothly, customers are satisfied.

The gap between the two platforms may reflect how reviews are collected - Feefo reviews tend to come from customers who completed their application, while Trustpilot captures more unsolicited feedback, including from applications that didn't proceed.

What this means for you

If you're considering Masthaven, it's worth preparing for a potentially longer timeline than some competitors, multiple requests for documentation, and the need to stay proactive in chasing updates. Working with an experienced broker can help manage this, as they can chase progress on your behalf and clarify what's needed.

Masthaven secured loans are only available through approved intermediaries. You can't apply directly - here's what the process typically involves.

Based on Masthaven's approach and product features, it tends to suit:

• Self-employed borrowers with complex or variable income
• Contractors who've been in their role for less than 12 months
• Borrowers with older adverse credit that's since been resolved
• Homeowners who need a loan term outside the typical range, whether shorter or longer
• Homeowners who've been declined elsewhere due to non-standard circumstances

It's less suitable for:

• Borrowers needing more than £300,000
• Those requiring very high loan-to-value borrowing, above 85%
• Anyone who needs a fast, streamlined process
• Properties in Northern Ireland or on offshore islands
• Those who'd prefer to apply directly without a broker

Advantages

• Manual underwriting: Real people assess your application rather than automated systems rejecting you for minor issues. This is Masthaven's core differentiator.
• Flexible with adverse credit: Older credit issues, small defaults, or settled agreements are often overlooked where mainstream lenders wouldn't consider them.
• Wide term range: Borrowing over 2-30 years gives genuine flexibility, whether you want to repay quickly or need lower monthly payments.
• Complex income accepted: Self-employed borrowers, contractors, and those with irregular income get a fair hearing rather than automatic rejection.
• Overpayments allowed: You can pay extra when you're able to, reducing your balance and the total interest paid.

Disadvantages

• Lower maximum loan: £300,000 is enough for most borrowers, but those needing larger amounts will need to look elsewhere.
• Mixed customer reviews: The processing experience has attracted criticism, particularly around communication and timelines.
• Broker-only access: You can't compare options directly or apply yourself - you need an intermediary.
• Variable rate risk: If you choose a variable product, or your fixed period ends, your payments could increase if rates rise.
• Potentially slow processing: Complex cases especially can take weeks to progress through underwriting.

Masthaven Finance occupies a specific niche in the secured loans market: it's a lender worth considering when mainstream options have said no, particularly if your circumstances involve complex income or historical credit issues.

The strengths are real. Manual underwriting that looks beyond credit scores, flexibility with self-employed and contractor income, and a willingness to consider adverse credit in context are genuine advantages for borrowers who don't fit standard lending templates.

But the drawbacks matter too. A lower maximum loan than some competitors, mixed customer reviews around processing and communication, and potentially longer timelines mean Masthaven isn't necessarily the first choice if you'd qualify elsewhere.

Our recommendation:

• If you have straightforward circumstances and good credit, compare Masthaven against other specialist lenders such as United Trust Bank, Pepper Money, and Tandem Bank - you may find better terms or higher loan limits elsewhere.
• If you've been declined elsewhere or have complex circumstances, Masthaven's manual underwriting approach is worth exploring.
• Speak to an advisor who can compare options across a wide range of lenders and manage the application process for you.