YBS Commercial cuts rates; Quantum launches ‘switch to fix’ deal – round-up

by:
  • 04/11/2022
  • 0
YBS Commercial cuts rates; Quantum launches ‘switch to fix’ deal – round-up
YBS Commercial Mortgages has reduced rates by as much as 0.45 per cent.

This includes its buy-to-let mortgages for corporate borrowers or individual landlords in need of larger loans, such as the five-year fix up to 65 per cent loan to value (LTV) which is now priced at 5.9 per cent, down from 6.35 per cent. 

There is also the five-year fix at 75 per cent LTV which has reduced in rate from 6.7 per cent to 6.25 per cent. 

These products have maximum loans of £15m with maximum terms of 25 years. 

The mortgage for housing in multiple occupation (HMO) has seen a rate cut from 6.85 per cent to 6.4 per cent up to 75 per cent LTV. 

No changes have been made to the holiday let offering. 

Elsewhere, the five-year fixed semi-commercial mortgage has gone down from 7.1 per cent to 6.79 per cent. It offers loans up to £5m and is available up to 70 per cent LTV. 

Mike Davies, head of business development at YBS Commercial Mortgages, said: “As the market starts to calm, we’re so pleased to be able to reduce rates across the range, providing much needed support for our brokers and their clients during this volatile time, and promoting investment in the UK economy. We hope this will be welcome news.” 

 

Quantum launches ‘switch to fix’ offering and updates range

Specialist lender Quantum Mortgages has released a ‘switch to fix’ mortgage which allows borrowers to switch to a fixed rate up to two years after completion. 

The lender has also added a one-year discount tracker mortgage to its range which is the base rate plus 2.99 per cent up to 65 per cent LTV, and the base rate plus 3.04 per cent up to 75 per cent LTV. 

Additionally, it lowered its two-year discounted rates and reduced the early repayment charges on this product to one per cent for each year of the discounted term. 

The two-year discounted tracker product is now open to specialist, expat and foreign national borrowers. 

Quantum made the decision to update its range following feedback that interest coverage ratios (ICRs) were under pressure due to rate rises. 

Spencer Gale, sales director at Quantum Mortgages, said: “As the financial markets continue to recover from the fallout of the mini Budget presented by the government on the 23rd September, we all know that the whole supply chain within the mortgage market has come under considerable strain these last four weeks. 

“After speaking to hundreds of brokers across 16 events in October, it was clear that ICRs were under considerable strain with the stress test of fixed rates and cases weren’t fitting, so we looked at our product range for potential alternatives that may help those struggling ICRs.” 

There are 0 Comment(s)

You may also be interested in