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Masthaven completes its largest ever second charge loan

Theo Osborn | 12:00 Friday 24th August 2018

Masthaven Bank has completed its largest ever second charge loan.

The loan – introduced by Y3S Loans – totalled over £700,000.

The client needed a fast turnaround on refinancing their existing loan to secure a holiday home in France, with additional borrowing.

It was secured against an LTV of 65% and went from case to offer in two and a half days.

Barney Drake, managing director at Y3S Loans, said: “This application is a prime example of how the use of a specialist mortgage broker such as Y3S, packaging for an outstanding lender such as Masthaven, results in a great customer outcome.

“Our high-net-worth customer was delighted they were able to purchase a property abroad at the lowest rate in the market, with no early redemption charges – thanks to Masthaven for the great teamwork.”

Masthaven had previously completed one of its largest second charge loans within a month of the record-sized loan.

This loan was introduced by The Loan Partnership and was secured against a 65% LTV.

The offer was completed in six days and totalled nearly £600,000.

Dan Miller, underwriting manager at Masthaven, said: “When presented with large cases such as these, we always consider each customer’s needs and look for ways to say ‘yes’ – in these cases, it was a super-speedy yes.”

Andy Pelley, director at The Loan Partnership, added: “We were really pleased with the outcome we were able to achieve for our customer.

“It’s really satisfying to look and back and reflect how strong teamwork from Masthaven, The Loan Partnership and the customers themselves resulted in a timely and positive result.”

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