With a growing number of buy-to-let landlords actively investing in houses in multiple occupation (HMOs), mortgage distributor 3mc has decided to launch an exclusive buy-to-let mortgage deal, funded by Precise Mortgages, targeting HMOs and is available for individuals as well as limited companies.
The appeal of HMOs among buy-to-let investors is growing because they often offer higher returns, and that trend is set to continue, supported by cheaper finance products, such as the new deal offered by 3mc.
The deal is available to all intermediaries and through the mortgage distributor’s network partners at 3.74% fixed for two years at a maximum 75% loan-to-value (LTV) with a £1,995 arrangement fee, and a one-year fixed at 3.69% (Precise tier 2) or 3.95% (Precise tier 3) also at up to 75% but with an arrangement fee of 2%.
Doug Hall, Director of 3mc, said: “Both of these products are ideally suited for today’s buy-to-let market. HMOs are increasing in popularity as investors seek higher returns and the one year fix is ideal for landlords who are looking for a short-tem product while repairing their credit record.”
Alan Cleary, managing director of Precise Mortgages, added: “The buy-to-let market is continuing to evolve and these two products have been designed to meet the needs of the market in 2017. As well as offering competitive rates and accommodating criteria, borrowers will also benefit from a revert rate of 3.5%, which is designed to remove any payment shock at the end of the fixed rate period. ”