The product transfers are available across the specialist buy-to-let (BTL) lender’s entire range and will not be subject to additional underwriting.
A £999 product fee will be added to the loan, and intermediaries who initially placed the case with Quantum Mortgages will be paid a fee without having to complete any paperwork or application process.
Product transfers will be available to borrowers with at least five years remaining on their mortgage term and not in arrears when the product switch letter is issued.
Jason Neale, CEO and founder of Quantum Mortgages, said: “This is a very rare but important offering from a securitisation-based lender. Most capital markets-funded lenders like us cannot offer product transfers, which means that at times like these, when borrowers can’t remortgage because the interest coverage ratio (ICR) fails, they end up stuck on very high reversion rates and risk becoming mortgage prisoners.
“This incentive means we can offer performing borrowers a new fixed rate, regardless of any change in affordability.”
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This addition follows the recent closure of Quantum’s third securitisation, taking funds raised by the Bletchley Park Funding programme to over £800m.
LendInvest makes changes at 75% LTV
LendInvest has added regulated bridging loans at 75% loan to value (LTV) to its offering on loans up to £1m.
To align with this change, the lender has also increased its automated valuation model (AVM) limit to 75% LTV, bringing it in line with its unregulated bridging criteria.
Leanne Ardron, managing director, short-term lending, at LendInvest, said: “At LendInvest, we know how powerful a regulated bridging loan can be for those needing access to fast funding.
“Providing 75% LTV and expanding our AVM limits to 75% are real game changers. We’re ensuring the speed and flexibility that borrowers need the most, especially in a chain break, capital raise or downsizing scenario.”
Allica Bank improves commercial lending proposition
Allica Bank has enhanced its commercial investment range with BTL rate cuts of up to 0.25% and changes to its criteria.
The bank has added a healthcare investment proposition, allowing lending against selected residential care properties on an investment basis. This sits alongside its existing proposition for owner-operators.
It will also consider first-time landlords for commercial investment mortgages with a maximum LTV 10% below the limit for non-first-time landlord borrowers, which goes up to 80% LTV.
This will apply where the property has at least 25% residential use and a professional management agent is in place.
Allica Bank has also updated criteria for expat borrowers across commercial investment and bridging, and will now consider applications for companies where ownership is based outside of the UK.
Nick Baker, chief commercial officer at Allica Bank, said: “These changes are rooted in one clear principle: listening to our broker partners and understanding what established businesses really need from their bank.
“Established businesses are the backbone of the UK economy, but too often they are held back by rigid lending criteria or a lack of specialist expertise. By giving brokers greater flexibility, we can help more business owners access the funding they need to invest, adapt and grow.
“At Allica, our focus is on building a pragmatic, relationship-led proposition shaped by what brokers tell us their clients need – not by what banks assume they need.”
