Independent review. Equiclear is an introducer, not a lender, and has no commercial relationship with Spring Finance unless stated. Criteria below are taken from Spring Finance's own published information (source) and were last checked on 15 September 2026. Where a figure could not be verified it is left out.
Spring Finance was a specialist second charge lender founded in 2011 which, since February 2025, has traded as Masthaven Finance. Its secured loans, also called homeowner loans or second charge mortgages, run from £10,000 to £300,000 over 2 to 30 years, up to 85% loan to value, and are available only through FCA authorised brokers. It suits homeowners with complex income or past credit problems, including some in a debt management plan or IVA, who need a lender that underwrites by hand.
Spring Finance secured loan criteria at a glance
| Maximum combined LTV | 85% (residential, cleanest credit tier; lower bands for heavier adverse) |
|---|---|
| Loan size | £10,000 to £300,000 residential; £150,000 buy to let |
| Terms | 2 to 30 years |
| Minimum income | £18,000 gross household income, £15,000 of it from employment or pensions |
| Maximum age at end of term | Not published |
| Adverse credit | CCJs and defaults are priced through a demerits system: the cleanest tier requires none in the last 12 months, while other tiers allow them, subject to a £10,000 per item limit above which cases are referred. Applicants in an IVA or debt management plan are considered where the plan has been in place for at least 12 months; payday loan use in the last six months is not. |
| Self-employed | Yes, minimum 1 year trading with 1 year HMRC tax calculation |
| Buy to let | Yes, second charge on buy to let, £10,000 to £150,000 |
| Fees | Lender fee of £950 on residential net loans under £50,000 and £1,450 above that. On buy to let second charges the lender fee is 2.5% of the net loan, minimum £1,195. Broker commission is 2% of the net loan capped at £2,000; any separate broker fee is set by the broker. Early repayment charges apply on fixed rates, stepping down from 5% in year one of a five year fix. |
| Typical time to funds | Not published |
| How to apply | FCA authorised brokers only; no direct applications |
Who are Spring Finance?
Spring Finance Limited was set up in 2011 as a second charge mortgage lender aimed at borrowers who fall outside the tick box criteria of high street banks and building societies. In March 2022 it added bridging and development finance. The name you will see on paperwork today is different: in February 2025 the firm's owner and chief executive, Andrew Bloom, completed the purchase of Masthaven Finance, and the combined business now trades as Masthaven Finance. The old springfinance.co.uk address redirects to masthaven.co.uk, so if you are searching for Spring Finance secured loans you are, in practice, looking at Masthaven's second charge range.
Masthaven itself dates from 2005 and operated as a retail bank between 2016 and its wind down; it has reverted to being a non bank lender under the new ownership. The regulated entity is Masthaven Finance Ltd, authorised and regulated by the Financial Conduct Authority under firm reference number 300606, with its registered office in London.
The firm is intermediary only. Its own site is explicit that it does not give advice or lend directly to the public; a homeowner who wants a Spring Finance or Masthaven secured loan has to go through an FCA authorised broker or credit broker. That matters for two reasons. First, you cannot ring them up and get a quote. Second, the broker will normally charge a fee on top of the lender's own charges, and that fee is set by the broker, not by Masthaven.
Alongside second charges, the group offers first charge residential and buy to let mortgages, regulated and unregulated bridging, and development finance. For this review we have looked only at the second charge (secured loan) products, using the product information sheet, product guide and tariff of charges published on Masthaven's website, checked September 2026.
What secured loans does Spring Finance offer?
Masthaven's residential second charge mortgage, which is what a Spring Finance secured loan has become, lends from £10,000 to £300,000 over 2 to 30 years, secured on an owner occupied home in England, Wales or mainland Scotland. Loans are on a capital repayment basis, so the balance is cleared by the end of the term. The published product information sheet says loans can be used for any legal purpose subject to underwriting, and the intermediary page lists debt consolidation and home improvements as the typical uses.
Rates are offered on two, three and five year fixes and on a lifetime tracker that follows the Masthaven Administered Variable Rate. Pricing is tiered by loan to value and by the number of credit "demerits" on the file, so two applicants borrowing the same amount can be quoted quite different rates. We do not reproduce individual rates here because they change often; your broker will see the current sheet.
How much you can borrow shrinks as the loan to value rises. The July 2026 product guide sets the maximum gross loan at £300,000 up to 50% LTV, £200,000 up to 65%, £150,000 up to 70%, £100,000 between 70% and 75%, £75,000 between 75% and 80%, and £50,000 between 80% and 85%. LTV is worked out on the combined total of your existing mortgage and the new loan including fees, and Masthaven uses your mortgage redemption figure rather than the balance once the LTV passes 75%.
There is also a buy to let and consumer buy to let second charge, from £10,000 to £150,000, available on capital repayment or interest only. For debt consolidation on your own home, the residential product is the relevant one. Overpayments and full redemption are allowed at any time, though an early repayment charge applies during a fixed period, stepping down from 5% in year one on a five year fix to 1% in year five. Because the loan is secured on your home, the home may be repossessed if you do not keep up the payments.
What are Spring Finance's lending criteria?
Masthaven's published residential criteria, checked September 2026, are more detailed than most second charge lenders make public. On income, the minimum gross annual household income is £18,000, of which £15,000 must come from employment or pensions. Employed applicants need three months' history with probation considered. Self employed applicants need a minimum of one year trading, evidenced by a year's HMRC tax calculation and three months of business bank statements or signed accounts for limited companies. Day rate contractors are considered after three months contracting. Pension, maternity and some benefit incomes are considered, the latter by referral.
Affordability is capped at a loan to income ratio of six times and a debt to income ratio of 45%, applied automatically in the lender's system. The property must be worth at least £100,000 for a second charge, freehold or leasehold with at least 75 years left at the start and 55 at the end.
Credit history is scored in demerits. The cleanest "Prestige" tier needs no missed mortgage payments and no CCJs or defaults in the last 12 months, and no active IVA or debt management plan in that period. Other tiers allow one unit per CCJ, default or missed payment in the last 12 months, ignore accounts under £500, and cap any single CCJ or default at £10,000 before a referral is needed. An IVA or DMP counts as one demerit provided it has been in place for at least 12 months, which is unusual and useful for homeowners in an IVA or on a DMP. Payday loans must be settled from the advance, with none in the last six months and a maximum of two in the last 12.
A minimum of six months' mortgage history is needed on second charges (three months on the higher demerit tiers). Consent from your first charge lender is sought where applicable, though Masthaven says it may still lend where consent has been declined. Maximum age at the end of the term is not published.
How does Spring Finance compare?
Set against the rest of the second charge market, Masthaven's Spring Finance heritage shows in its willingness to look at people in an IVA or debt management plan, which most mainstream second charge lenders will not do at all. Central Trust also considers DMPs, and Together and Equifinance are the other names brokers tend to reach for on heavier adverse, so this is a small field rather than a unique one.
On loan to value, 85% is competitive but not the highest available. Tandem publishes bands up to 95% on smaller loans, and several brokers advertise access to 95% plans. If your equity is thin, the £50,000 cap in Masthaven's top LTV band is the figure to note; a £75,000 consolidation at 83% LTV would not fit here.
The £300,000 ceiling is generous for a specialist and sits above Central Trust and Tandem's £250,000, though well below Interbridge at £500,000. Terms of 2 to 30 years are standard. The income floor of £18,000 is higher than some rivals, which quote net monthly minimums of around £1,200 to £1,300, so lower earners may find Tandem or Central Trust easier.
Fees are middle of the road. A £950 or £1,450 lender fee is broadly in line with the £895 to £1,999 range published by other second charge lenders, but you also need to budget for your broker's fee, which on a Masthaven case is separate from the 2% commission the lender pays. Ask your adviser for the total cost in pounds, not just the APRC.
The bigger question is whether a secured loan is right for you at all. If your first charge rate is low and you are on a fixed deal, a second charge lets you keep it; our secured loan versus remortgage comparison walks through the trade off. And if your debts feel unmanageable rather than just untidy, free advice from MoneyHelper, StepChange or Citizens Advice should come before any new borrowing secured on your home.
Our verdict
Spring Finance no longer exists as a brand, but its lending approach lives on inside Masthaven Finance, and for the right borrower it is a strong option: hand underwritten, up to £300,000, and one of the few second charge lenders that will consider an IVA or debt management plan that has been running for a year. The trade offs are a comparatively high income floor of £18,000, a £50,000 cap at the top of the LTV range, and a broker only model that adds a fee you should price in. For clean credit and plenty of equity, a mainstream lender may be cheaper. Your home may be repossessed if you do not keep up repayments.
Alternatives to Spring Finance
If you are in a debt management plan or IVA, compare Central Trust, which lends direct and also considers DMPs, and Together. For higher loan to value on a smaller loan, Tandem publishes bands up to 95%. For a larger loan with clean credit, look at Interbridge. You can compare the lenders we have reviewed so far side by side in the lender criteria database.
Worried about debt? Get free advice first
If you're struggling, it's worth speaking to a free, impartial debt advice service before you borrow more. They don't sell anything and won't judge your situation.
- MoneyHelper: Free, impartial debt advice backed by government
- StepChange: The UK's largest free debt charity
- Citizens Advice: Free, confidential advice on debt and money
Checking your options with Equiclear will not affect your credit score.
Frequently asked questions
Is Spring Finance still lending?
Yes, but under a different name. Since February 2025 Spring Finance has traded as Masthaven Finance, following its owner's purchase of the Masthaven business. The old website redirects to masthaven.co.uk and the second charge products are now branded Masthaven. Existing Spring Finance borrowers are serviced by the same group.
Can I apply to Spring Finance or Masthaven directly?
No. Masthaven's website states that it does not provide advice or lend directly to consumers. All second charge applications come through FCA authorised brokers and credit brokers. A qualified adviser can place your case with Masthaven if it fits, or with another lender if a better match exists on the wider market.
Will Spring Finance lend to someone in an IVA or debt management plan?
Masthaven's published product guide, checked September 2026, treats an IVA or DMP as one credit demerit provided the plan has been in place for at least 12 months. That moves you to a higher priced tier rather than a refusal. Bankruptcy is not covered by the published tiers, so expect a referral or a decline.
What is the maximum loan to value for a Spring Finance secured loan?
The residential second charge product goes up to 85% combined loan to value, but the maximum loan falls as LTV rises: £300,000 up to 50%, £150,000 up to 70%, and only £50,000 between 80% and 85%. LTV includes your existing mortgage and the new loan with fees added.
What fees does Masthaven charge on a secured loan?
The published tariff shows a lender fee of £950 on net loans under £50,000 and £1,450 above that, plus a valuation fee where one is needed. Early repayment charges apply during fixed periods. Your broker's own fee is on top and is set by the broker, so ask for the total cost before you commit.