3mc announces exclusive HMO BTL deal

22 February 2017

Leading mortgage distributor 3mc has today 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 deal, which 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, has the following features:

HMO Exclusive
Rate: 3.74% fixed for 2-years (then reverts to 3.50%)
Availability: HMOs, including limited company
Max LTV: 75%
Arrangement fee: £1,995
ERC: 4% in yr 1, 3% in yr 2
Max loan size: £250,000

3mc is also marketing a packager exclusive buy-to-let 1-year fixed rate deal, offering a £300 cashback:

1-yr fixed rate BTL Exclusive
Rate: 3.69% fixed for 1-year (for Precise Tier 2 products) or 3.95% fixed for 1-year (for Precise Tier 3 products). Revert rate 3.50%
Availability: BTL and limited company
Max LTV: 75%
Arrangement fee: 2%
ERC: 4% in yr 1

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. ”

Brokers can get further information about all the products and service available from 3mc by going to: www.3-mc.com or by phoning 0161 962 7800.