Distributor 3mc has launched a buy-to-let product funded by Precise Mortgages designed for buying or remortgaging multi-tenanted units, HMOs and limited company HMOs.
The product is a 2-year fix at 3.49% to 75% loan-to-value with a £995 arrangement fee.
The deal is available to intermediaries 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
Doug Hall, director of 3mc, said: “We continue to receive an increasing number of enquiries about HMOs, including limited company HMOs, and this exclusive product funded by Precise Mortgages gives brokers access to a very competitive deal.
“Brokers are guaranteed to receive a fast and professional service from 3mc.”
The product has an income coverage ratio from 125% based on customers’ current circumstances for loans from £25,000 to £500,000.
Alan Cleary, managing director of Precise Mortgages, said: “We’re delighted to be working with 3mc to offer this 2-year fixed rate buy-to-let product to brokers and their clients.
“We’re experiencing significant demand for funding for HMOs and limited company HMOs and I have no doubt this exclusive deal will prove to be very popular.”