3mc has launched an exclusive two-year tracker mortgage funded by Precise Mortgages, targeting both individual and limited company HMOs.
At 3.29%, the tracker is the cheapest ever HMO two-year deal to be funded by Precise.
The deal 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.
It is available from £25,001 up to £500,000 with a maximum loan to value (LTV) of 75%.
The rental calculation is 125% of the higher of the pay rate or revert rate.
Doug Hall, director of 3mc, said: “We have seen an increase in interest in both individual HMOs and limited company buy-to-lets as investors seek higher yields.
“I therefore have no doubt that this new product, which has a 125% 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.”
Alan Cleary, managing director of Precise Mortgages, added: “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.”
