MCD rules 'leading to faster completion times'
Together has confirmed that it has already funded a 'significant number of loans' under the new MCD regime, and that completion times are faster under the rules.
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Its inaugural second charge MCD case, completed on 4th March in three days, was brought to Together by Y3S Loans, and was a loan for £34K with a 65.95% LTV.
Together’s sales director Gary Bailey, said:
“We launched MCD processes on 15th February, the date widely agreed within the industry, and have already seen a steady flow of submissions since then. The brokers have presented us with well-packaged cases and as a result we’ve been able to deliver funds expediently.
“To date, the average turnaround time for second charge loans funded by Together under the MCD system has been three days from receipt to offer, with completion following in just over four days.”
Director of Y3S Loans Matt Cottle, commented:
“The changes brought about by the MCD are already benefiting clients. Processing time has been effectively halved, leading to faster completion times. Together has been instrumental amongst lenders in getting it right from the word go, and working in partnership, we’re pleased to have brought about the first second charge completion.”
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