3mc has announced that it will be distributing a shared exclusive buy-to-let mortgage deal, funded by Precise Mortgages.
The deal is a 3.64% (LIBOR + 3.07%) lifetime tracker to 70% LTV and 3.90% (LIBOR +3.33%) to 75% LTV.
Rental is based on 125% of the pay rate and there is no minimum personal income threshold.
In addition, there is no limit on the number of buy-to-let properties held with other lenders and a maximum of five held with Precise.
The deal is also available for all new build types.
it comes with a £2,495 fee up to a maximum loan size of £250,000 (minimum loan £100,000), switching to a 2.0% fee from £250,000 to a maximum loan size of £1 million.
Brokers can either deal direct with Precise (setting 3mc as the payment route) or the case can be packaged by 3mc. Brokers will be paid a procuration fee of 0.5% on all completed deals.
3mc Director Doug Hall said: “3mc is delighted to be one of only three distributors to have access to this exciting new product, which will appeal to landlords who struggle to attain the minimum rental requirements required by most lenders.”
Alan Cleary, managing director at Precise Mortgages, said: “We’ve worked with 3mc for a number of years and know they provide really high quality packaging support. And if brokers prefer to deal on a direct basis with Precise, they have the choice to do so by selecting 3mc as their payment route.
“Either way, they’ll receive a proc fee of 0.5% on this flexible new buy-to-let product.”