Latest Updates

Deal of the Week – 80% LTV BTL Remortgage with 145% @3.95%

Challenge 3mc – Your specialist intermediary mortgage desk

Each week we will provide a worked example for a case from the previous week detailing the information provided by the intermediary for a specialist deal along with the end result.

In this example the 3mc mortgage desk took an enquiry from an intermediary based in Lincoln. The client was looking to remortgage a Buy to Let property to 80% loan to value with a value of £225,000 and a monthly rent of £900. The client had 16 other Buy to Let properties with other lenders with an average loan to value of 75%.

Following extensive research including using the compare criteria from the 3mc website the deal was placed with Foundation Homeloans. The product was a  packager exclusive 5 year fixed rate product with a pay rate of 3.95%. The product had a 2% lender completion fee.

New Introducer Service Launched

We are pleased to announce the launch of our new introducer service to assist you with your specialist and portfolio landlord Buy to Let clients. This service is in addition to all of the current services we provide our intermediary customers.

The new PRA rules regarding portfolio landlords will come into effect from the 30th September. From the lender information we have seen to date, we can gauge that different Buy to Let lenders are interrupting the rules in different ways which may create challenges for a mortgage intermediary, not least the knowledge required to be maintained to keep up to date with this specialist sector. For the majority of our intermediaries, Buy to Let enquiries make up 20% of their overall mortgage business.

The new introducer service will enable you to refer clients to 3mc safe in the knowledge that 3mc will provide a fully advised and recommendation process to your client and that you will receive a percentage of the gross revenue received at completion. There is a no cross-sell agreement in place for any other products apart from the mortgage. If the client re approaches 3mc for further mortgages or at the end of the product period the client remains that of the intermediary and an intermediary receives the same commercial terms for repeat business.

To refer a client please email your client’s name, contact number and a brief summary of their funding requirements to info@3-mc.com

For further information call the specialist mortgage desk on 0161 962 7800