Specialist lender Together has revealed that its first second charge Mortgage Credit Directive (MCD) case completed on 4 March just three days after the enquiry was received.

It was brought to Together by Y3S Loans, and was a loan for £34,000, with a loan to value of 65.95%.

Together says it has already funded a “significant number” of loans under the new regulatory regime.

Gary Bailey (pictured), Together’s sales director, said: “We launched MCD processes on 15 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.”

Matt Cottle, director of Y3S Loans, added: “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.”