The deal includes a 3.64% (LIBOR + 3.07%) lifetime tracker to 70% LTV and a 3.90% (LIBOR +3.33%) to 75% LTV.
Rental is based on 125% of the pay rate and the deal beneifits from no minimum personal income threshold and no limit on the number of BTL properties held with other lenders; max of 5 held with Precise.
Doug Hall, 3mc director, said: “3mc is delighted to be one of only three distributors to have access to this exciting new product, which will appeal to landlords who struggle to attain the minimum rental requirements required by most lenders.”
Brokers can either deal direct with Precise (setting 3mc as the payment route) or the case can be packaged by 3mc.
Brokers will be paid a procuration fee of 0.5% on all completed deals.