Leading mortgage club and packager 3mc have launched a two-year tracker package thanks to industry experts Precise Mortgages, who have funded the new product which will be available for houses in multiple occupation (HMOs), individuals and limited company buy-to-lets.
This will be the least costly two-year deal that Precise has ever funded that has been made available for HMOs, with the loan delivery ranging from £25,001 to £500,000, and an early repayment charge included which will be 3% in the first year and 2% in the second year.
“We have seen an increase in interest in both individual HMOs and limited company BTLs as investors seek higher yields” said Doug Hall, the director of 3mc. “I therefore have no doubt that this new product, which has a 125 per cent rental cover calculation and which sits alongside a two-year fixed rate launched in the summer, will prove to be popular with brokers and their clients.”
The 3.29 per cent tracker will revert to 5 per cent eventually, whilst having a rental calculation of 125% of the higher of the revert or pay rate, and the new product will be available through the network partners of 3mc such as The Right Mortgage, Sesame and Stonebridge Network as well as Protection Network and Home Loan Partnership.
“We’re delighted to be launching this new HMO deal exclusively through 3mc” said Alan Cleary, the managing director of Precise Mortgages. “Both individual investors and those buying through a limited company, can benefit from this excellent two-year tracker offer.”
This exciting product will also be available to all intermediaries as well as directly through authorised members of the PMS Mortgage Club, in what is a major development for both 3mc and Precise Mortgages and will be hugely beneficial to people buying into it.
