Precise Mortgages has completed on a £500,000 secured loan. It was brokered by Joe Hatton, a senior manager at Y3S Loans in South Wales.

This is the lender’s largest advance since inception in December.

The case was introduced to Y3S Loans by a Surrey-based mortgage broker on behalf of a client who was looking to move quickly on the purchase of an investment property.

It made no financial sense for the introducing broker to remortgage the client away from their first charge tracker mortgage with Santander.

Precise Mortgages was able to confirm a rate of 5.7% at 50% LTV and the loan was completed in a couple of weeks.

Simon Carr, Precise Mortgages’ director of secured loans, said: “You would expect me to say that this was a particular tricky case – it wasn’t for Precise Mortgages.

“Y3S Loans, the introducing broker and the underwriting and sales teams at Precise Mortgages worked effortlessly to bring about this completion. It’s a credit to all involved. We are open for business.”

“This is the kind of application that goes straight to Precise Mortgages,” said Matt Cottle, director at Y3S Loans,

“Large advances, super prime cases where the rates cannot be beaten are Precise Mortgages’ bread and butter business. It’s a pleasure to deal with them.”