The deal is backed by Precise Mortgages and will offer borrowers a 3.89% rate for two years until October 2018 on a maximum loan-to-value (LTV) of 75%. The revert rate used to calculate affordability is 5%.
The product is available through 3mc’s network partners Home Loan Partnership, The Right Mortgage and Protection Network, Sesame, and Stonebridge, as well as to directly authorised members of the PMS Mortgage Club.
Sesame also launched a separate limited company BTL deal with Precise today, which offers a reduced rental calculation of 4% on 125% but will be available to the network’s members only.
3mc director Doug Hall (pictured) said: “Both HMOs and limited company buy to lets have become increasingly popular as investors seek higher returns. I’m therefore delighted to be announcing this excellent deal today.”
Precise managing director Alan Cleary added: “This is an ideal time for borrowers to lock into today’s low rates and I’m sure this two-year fix will prove to be very popular.”