Quantum Mortgages, the specialist buy-to-let and bridging lender, has expanded its cashback range to include purchases as well as remortgages.

Quantum launched its remortgage cashback product last month across its Single Unit, Multi-Unit and specialist ranges.

It said following success in the remortgage market and demand from brokers and borrowers, the lender has now extended the proposition to purchases.

A cashback payment of 1% of the net loan will be made within two weeks of completion.

The minimum cashback payment is £1,000 and the maximum is £20,000, rising to £50,000 for a £5m portfolio.

The lender said the incentive was launched in response to record high five-year fixes coming to an end, and borrowers being struck by inflated mortgage rates and high-cost fees.

SUPPORTING LANDLORDS

Harsha Dahyea, chief commercial officer at Quantum Mortgages, comments: “Understanding what borrowers need during market volatility and rising mortgage costs is what sets us apart.

“We’re in a strong position to respond quickly to demand and deliver a product that we hope will benefit our community of brokers and their clients.

“Our cashback incentive has been hugely popular in the remortgage space and by extending this to purchases, we hope to support landlords as they grow and diversify their portfolios.”

The extension of its cashback range comes just one month after the announcement of its new product transfer offering and their third securitisation in just two years.