The group brokered loan advances of £30,125,740 during September, October and November through its panel of lenders, which includes Optimum Credit, Together Money, Precise Mortgages, Prestige Finance, Shawbrook Bank and Masthaven Bank. The average advance lent was £64,371 with an average LTV of 60.5% including the second charge loan.
Applications are introduced uniquely through mortgage brokers and IFAs who approach Y3S and Chaseblue when a remortgage or further advance application fails or when it does not make economic sense to move away from an existing mortgage deal.
Commenting on the news was Group director Matt Cottle:
“This has been a milestone quarter after a period of significant change following the implementation of the Mortgage Credit Directive. Our brand values of speed, compliance and fairness are firmly routed within both firms and we will continue to provide the highest quality of service to our broker introducers and their clients.”
Cottle said the group was now on track to produce a conservative and achievable £120m of second charge loans for the current financial year.