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Precise teams with 3mc on BTL deal

by: Carmen Reichman
  • 22/02/2017
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Precise teams with 3mc on BTL deal
Precise Mortgages has teamed with mortgage distributor 3mc on a buy-to-let mortgage deal targeting houses in multiple occupation (HMOs).

Under the deal brokers have access to two new fixes for individuals and limited companies.

The first product, a two-year fix at 3.74% reverting to 3.5% thereafter, is available for loans of up to £250,000. It is offered at a maximum loan-to-vale (LTV) of 75% and carries an arrangement fee of £1,995. Early repayment charges (ERC) amount to 4% in year one and 3% in year two.

Alongside it 3mc is also marketing a buy-to-let one-year fix offering £300 cashback. This product charges 3.69% interest for Precise tier 2 products and 3.95% for Precise tier 3 products. Like the two-year fix it is available up to 75% LTV and has an ERC of 4%. It carries a management fee of 2%.

Precise Mortgages managing director Alan Cleary said: “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.”

3mc director Doug Hall added: “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-term product while repairing their credit record.”

The products are 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.

In October, the government announced plans to tighten licensing requirements for landlords of shared accommodation in an attempt to clamp down on rogues. It proposed to apply licensing rules to all shared homes with five or more people from two or more households and to flats attached to business premises.

Landlords who fail to obtain a licence can be criminally prosecuted and will be liable to pay a potentially unlimited fine, the government said.

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