Quantum Mortgages, a buy-to-let (BTL) specialist lender, has announced significant rate reductions across its entire 2-, 5-, and 7-year fixed product range. The cuts, which apply to both purchases and remortgages, range between 0.40% and 1.1% depending on the product type.
The specialist lender’s rate reductions include a broad range of products, encompassing its Single Unit Range up to 80% loan-to-value (LTV), Multi-Unit, HMO (House in Multiple Occupation) & Holiday Let Range up to 75% LTV, Expat & Foreign National Range up to 75% LTV, Specialist Range up to 70% LTV, and its QML Pro Range up to 65% LTV.
The announcement comes as a strategic response to the Bank of England’s (BOE) rate hike for the 14th consecutive time to 5.25% last week. Despite the rate increase, Quantum Mortgages sees continued opportunity in the market, particularly for experienced and professional landlords.
Spencer Gale, director of distribution & marketing at Quantum Mortgages, said: “With the money markets remaining stable after the most recent rise, it seemed appropriate to review our pricing strategy and pass on the reductions to landlords,” he said. Gale also noted the expansion of Quantum Mortgages’ product range with the addition of QML Pro last week.
According to Gale, these changes, coming at a time when the market traditionally enters its busiest months, “should enable landlords to extract maximum value from their portfolio in remortgaging and enhancing it through their purchases.”
