3mc and Precise launch 2-year fixed B2L deal

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Mortgage distributor 3mc is launching a buy-to-let mortgage deal funded by Precise Mortgages, targeting houses in multiple occupation.

The 3.89 per cent two-year fixed deal at up to 75 per cent goes live today and includes limited company buy-to-lets.

It has a £1,495 arrangement fee. Early redemption charges of 3 per cent apply until 21 October 2017 and then ERCs of 2 per cent kick in until 31 October 2018.

The deal is also available through 3mc’s network partners Home Loan Partnership, The Right Mortgage and Protection Network, Sesame, Stonebridge Network and to directly authorised members of the PMS Mortgage Club.

The product’s revert rate is LIBOR plus 4.42 per cent.

3mc director Doug Hall says: “Both HMOs and limited company BTLs have become increasingly popular as investors seek higher returns. I’m therefore delighted to be announcing this excellent deal today.”

Precise Mortgages managing director Alan Cleary says: “3mc has a detailed understanding of the needs of professional property investors and is therefore an ideal partner to market this specialist mortgage deal. This is an ideal time for borrowers to lock into today’s low rates and I’m sure this two-year fix will prove to be very popular.”