Quantum Mortgages have announced a product update. Contact our team for more information on how we could help you and your business. If you would like further information directly from Quantum Mortgages, visit their intermediary site here.
Quantum Mortgages New Product Guide
We are thrilled to introduce our latest offerings exclusively for buy-to-let intermediaries: our brand-new product guide. Packed with an array of enticing options, this guide is designed to elevate your clients’ investment opportunities and enhance your business prospects.
Quantum Mortgages, the specialist Buy to Let lender, has launched a new product designed to help landlords who are stuck on reversionary rates and unable to remortgage due to higher ICR hurdles.
The £4£ Remortgage 5Yr Fixed Product, which is available on our Single Unit and Multi-Unit ranges up to 70% LTV, allows borrowers with a 2-year clean repayment history to refinance, even where the property’s rental income does not meet the usual 125% income coverage requirements.
Where there is no additional borrowing, other than refinance costs, the minimum ICR requirements will be reduced to just 100%, meaning the rental income need only cover the new mortgage payment.
The 100% ICR calculation product, which has rates from 5.99% with a refund of the valuation fee, will be live for submissions tomorrow (Friday 29th September).
The product is available to individuals and limited companies with acceptable properties including, standard houses, flats & studios (including those with shorter leases), high rise blocks, plus HMO’s and Multi Unit blocks of up to 6 units.
We’re thrilled to announce an exciting update to our product offerings that we think you’ll find incredibly valuable. Now, with our Specialist and QML Pro Ranges, we have expanded our ability to consider semi-commercial rental income, providing even more options for you.
Here’s how it works:
Specialist Range:
- If you have semi-commercial units with a split of 60% residential and 40% commercial use, we now assess them as part of our Specialist Range.
- These properties will be evaluated based on a standard Assured Shorthold Tenancy (AST) agreement, taking into account both commercial and residential rental income.
QML Pro Range:
- For semi-commercial properties that do not meet the 60% residential and 40% commercial split criteria, we offer coverage under our QML Pro Range.
This expansion allows you to maximise your potential income by accommodating a wider range of semi-commercial properties in your portfolio.
In addition, Quantum has reduced rates on the Single Unit, Multi Unit and Specialist ranges by up to 40bps, while the Ex Pat & Foreign National range has seen reductions of up to 1.3%. The QML Pro range which caters for nonstandard property construction and specialist tenancies has also been reduced by up to 70bps.