3mc introduces exclusive buy-to-let deal for HMOs

Specialist mortgage distributor 3mc has announced the launch of its exclusive two-year fixed rate buy-to-let mortgage deal.

Funded by Precise Mortgages, the deal is available to all intermediaries and is suitable for purchasing or remortgaging units with multiple tenants, houses in multiple occupation (HMOs) and limited company HMOs.

Through 3mc’s partners The Right Mortgage and Protection Network, Sesame, Stonebridge Network, Home Loan Partnership and authorised members of the PMS Mortgage Club, the deal has many attractive features, including a fixed rate of 3.49% for two years, a maximum LTV of 75% and an interest coverage ratio (ICR) from 125%.

Commenting on the new deal, Doug Hall, director of 3mc, said: “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.”

Primarily available to limited company HMOs with up to eight beds, the product includes a 4% early repayment charge (ERC) in year one and 3% in year two, with loan sizes ranging from £25,001 to £500,000.

Managing director of Precise Mortgages, Alan Cleary, said he is delighted to work with 3mc.

“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.”