Precise Mortgages has completed its first Mortgage Credit Directive (MCD) compliant second charge loan.

The specialist lender launched its MCD compliant platform on 15 February. has paid out

The second charge loan, which was submitted by Fluent Money, was for £175,000 at a rate of 4.55% per annum, giving an APRC of 5% and completed on 25 February 2016.

Alan Cleary, managing director of Precise Mortgages, said: “We were ready for MCD in plenty of time, so it is business as usual as far as we are concerned and I am not surprised that Fluent Money were the first to get a loan paid out as they too have been ahead of the game.”

Tim Wheeldon, joint managing director at Fluent Money, said: “Preparation and cooperation between both ourselves and Precise Mortgages were the key components in ensuring this case completed without a hitch.

“There has been a lot of hard work on both sides, but MCD should hold no concerns for advisers and their clients when we can demonstrate that lenders and distributors, who are properly prepared, can complete cases just as quickly as before.”