Mortgage distributor 3mc has responded to greater demand for HMO properties by launching a new two-year tracker package funded by Precise Mortgages.
The product is available for individuals, limited company buy-to-lets and houses in multiple occupation (HMOs) with a rate of 3.29%
According to 3mc, the new 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.
The 3.29% two-year tracker (Libor + 2.91%), which will be delivered between £25,001 up to £500,000 with a maximum loan-to-value of 75%, will revert to 5% after the fixed term period
Doug Hall, director of 3mc, said: “We have seen an increase in interest in both individual HMOs and limited company BTLs 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 2-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 2-year tracker offer.”