Available on both fixed and BBR tracker rates, the semi exclusive products, launched in partnership with Scarborough Specialist Mortgages, are available from an initial rate of 5.79 per cent.
The products include an option to have £500 cash back along with a 10 per cent capital repayment option within each year of the product.
Procuration fees start from 0.55 per cent for online submission to 3mc with the Near Prime range qualifying for the proc fee mania campaign which, dependent upon the advance amount, can see an intermediary earning up to an extra £1000.
Both the fixed and tracker products have a redemption penalty of 6 per cent in year one and 5 per cent in year two with no extended penalty beyond the discounted or fixed period.
Doug Hall, deputy managing director at 3mc said: “These products are priced very competitively for the near prime market, some even accept missed mortgage payments – they will sell.”
