The first secured loan north of the border for Masthaven Secured Loans (MSL) has completed.

It was brokered through Cardiff-based secured loan packager Y3S Loans.

The loan was outside of MSL’s standard terms, but the deal was under 50% LTV. The purpose of the loan was for the consolidation of credit cards and an unsecured loan following expensive but necessary adaptations for a complex disabled access ramp to the property, as well as several major internal alterations and a new bathroom with specialised fittings.

By consolidating his unsecured credit into a secured loan over 10 years, the client will save £904 per month.

Matt Cottle, director at Y3S Loans, said:”“We are very pleased to have been the first broker to complete a Scottish case for MSL. This was a particularly sensitive case for a disabled client who was forced to incur huge bills with expensive forms of credit. MSL were flexible and accommodating throughout.”

Stuart Aitken, COO of Masthaven Secured Loans, added: “Having officially launched in Scotland only four weeks ago, we are delighted to already have our first high quality Scottish completion. We are particularly pleased that we were able to speedily underwrite and complete what was a relatively complex application, thanks to the efficiency and expertise of the team at Y3S.”