The fixed rate product is available at an initial rate of 7.74 per cent per cent at 80 per cent LTV.
It is available for both purchase and remortgage, allowing up to £10,000 in CCJ’s and up to 6 missed mortgage payments in the last 12 months, with non in the last 3.
In addition, the product will consider applicants whereby they have recently been discharged from bankruptcy.
A procuration fee of 1 per cent exists on the product. The two-year fixed rate product has a redemption penalty of 6 per cent in year one and 5 per cent in year two with no extended period and an arrangement fee of £999 which can be added to the loan.
Doug Hall, 3mc's deputy managing director said: “This is just one option available from 6 new products we have launched in partnership with BM Solutions and will compliment our new park and save facility we have recently introduced to our online application process, allowing our customers, the intermediary the ability to work on up to 6 applications at any one time.”
