"We understand the challenges landlords face and are already seeing a shift towards the more complex, specialist type of property"
Quantum Mortgages has improved its criteria for lending in Northern Ireland as well as making it easier for foreign nationals to invest in UK buy-to-let.
The lender's buy-to-let proposition in Northern Ireland currently accepts single unit freehold properties on its specialist range up to 70% LTV, and this has now been extended to allow freehold HMO and multi unit properties with up to six beds. This range also caters for limited companies and day 1 remortgages from bridging finance.
For foreign nationals buying investment properties in the UK, the lender will now accept landlord experience in their country of residence rather than having to own an existing UK property and the minimum loan has been reduced to £25,001 to allow the purchase of lower value / higher yielding properties.
In other changes, Quantum will now consider an average of annual holiday rental value x 35 weeks for certain holiday lets and have increased the maximum loan on its specialist range to £1 million, to help landlords with higher value semi commercial units and larger HMOs in the south of England.
Spencer Gale, sales and marketing director at Quantum Mortgages, said: “Since launching last March, we have quickly become a go to lender for intermediaries looking for a little more common sense and a can-do attitude to their landlord’s specialist finance needs.
“We understand the challenges landlords face and are already seeing a shift towards the more complex, specialist type of property as professional landlords begin to feel the impact of higher finance costs and lower margins. To accommodate this growing trend, it was important we made some improvements to our criteria so these landlords always have a solution when the high street lenders and other specialist lenders can’t or won’t help.”
