Mortgage distributor 3mc has launched an exclusive buy-to-let mortgage deal funded by Precise Mortgages, targeting houses in multiple occupation (HMOs) and is available for individuals as well as limited companies.
The product is available to all intermediaries and through 3mc’s network partners The Right Mortgage and Protection Network, Sesame, Stonebridge Network, Home Loan Partnership and to directly authorised members of the PMS Mortgage Club.
It is priced at 3.74%, fixed for two years (then reverts to 3.50%) , with a maximum loan to value (LTV) of 75%.
It is available for HMOs, including limited companies, and has an arrangement fee of £1,995.
The maximum loan size is £250,000.
3mc is also marketing a packager exclusive buy-to-let one-year fixed rate deal, offering a £300 cashback.
It is priced at 3.69% fixed for one-year (for Precise Tier 2 products) or 3.95% fixed for one-year (for Precise Tier 3 products). The revert rate is 3.50%. The maximum LTV is 75%.
It is available for buy-to-let and limited company
The arrangement fee is 2%.
Doug Hall, director of 3mc, said: “Both of these products are ideally suited for today’s buy-to-let market. HMOs are increasing in popularity as investors seek higher returns and the one year fix is ideal for landlords who are looking for a short-tem product while repairing their credit record.”
Alan Cleary, managing director of Precise Mortgages, said: “The buy-to-let market is continuing to evolve and these two products have been designed to meet the needs of the market in 2017. As well as offering competitive rates and accommodating criteria, borrowers will also benefit from a revert rate of 3.5%, which is designed to remove any payment shock at the end of the fixed rate period.”