Precise launches cheapest-ever HMO two-year tracker through 3mc

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Precise Mortgages is launching its cheapest-ever HMO two-year tracker through 3mc.

The deal has a rate of 3.29 per cent at up to 75 per cent LTV and targets both individual and limited company HMOs.

The rate reverts to 5 per cent at the end of the term.

The product is available for loans between £25,001 to £500,000 and has a £1,995 arrangement fee.

The product 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.

Early repayment charges are 3 per cent in year one and 2 per cent in the second year.

The rental calculation is 125 per cent of the higher of the pay rate or revert rate.

3mc director Doug Hall says: “We have seen an increase in interest in both individual HMOs and limited company B2Ls as investors seek higher yields.

“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.”

Precise Mortgages managing director Alan Cleary says: “We’re delighted to be launching this new HMO deal exclusively through 3mc. Both individual investors and those buying through a limited company, can benefit from this excellent two-year tracker offer.”