3mc launches packager fee-free 90% LTV deal

3mc launches packager fee-free 90% LTV deal

Mortgage distributor 3mc has announced the launch of a 90 per cent loan-to-value residential mortgage with no packager fee.

The deal, which marks 3mc’s appointment to Kensington’s packager panel, is being offered with the choice of a 4.89 per cent two-year fix or 5.19 per cent three-year fix.

It is also being made available through 3mc’s network partners Home Loan Partnership, The Right Mortgage and Protection Network and Sesame, as well as to directly authorised members of the PMS Mortgage Club.

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Doug Hall, director of 3mc, said there is also an option to include a free valuation, no completion fee and free legal services on remortgages.

“This is the start of an exciting new partnership with Kensington and we are looking forward to working with such an innovative lender to deliver new solutions for brokers’ hard to place cases,” he said.

Steve Griffiths, head of sales and distribution at Kensington, said placing a complex case does not have to be difficult and packagers like 3mc are helping brokers satisfy the needs of more of their clients.

Last week, Kensington signed a partnership with All Types of Mortgages, with the latter’s managing director Dale Jannels stating the move was a chance to “rekindle relationships” with the specialist packager community.

Meanwhile, earlier this week 3mc was appointed to provide a specialist mortgage desk and packaging support service to members of The Right Mortgage & Protection Network.

Nick Green, a broker at Alternative Estates & Financial Services, called this a “very good rate” and a “big move” for the lender.

“To move to a higher LTV for people who may have had issues previously is good. It’s a shame that the high street doesn’t also recognise that people may have had a problem a few years ago and have a clear policy, rather than use ‘score card’ as an excuse not to lend.”