Quantum Mortgages has added two new products to its business — a larger loans range and a first-time landlord mortgage.
The specialist buy-to-let lender’s large loans are capped at £5m per offer and are available for standard single unit properties — including flats above commercial –, houses in multiple occupation of any size, multi-unit freehold blocks up to 10 units as well as semi-commercial units.
The loan-to-values for these loans run up to 75% and comes with a 1.99% arrangement fee, which is added to the loan without affecting the LTV. Five-year rates for these loans begin at 6.99%, with the above fee.
First-time landlord loans range from £250,000 to £2m and are also available for single unit properties, houses in multiple occupation of any size and multi-unit freehold blocks up to 10 units. Five-year rates for these loans begin at 7.05%, with a 2.25% arrangement fee.
Quantum Mortgages head of sales & distribution Harsha Dahyea says: “Most specialist BTL lenders are funded via securitisation which limits the amount of lending that can be done over £1m, leaving just a small handful of banks dominating the large loan market”.
“First-time landlords are something we are constantly being asked about so despite our core business remaining focused on professional landlords, the demand from our key partners has prompted us to provide an alternative for borrowers making their first steps into property investment.
