Quantum Mortgages has launched a product transfer range for buy-to-let borrowers approaching the end of a fixed rate or looking to move from a variable rate.

The specialist buy-to-let and bridging lender said the range will allow eligible borrowers to switch to a five-year fixed-rate product.

Product transfers will be available across all product ranges and will not be subject to additional underwriting. A £999 product fee will be added to the loan.

The intermediary who initially placed the loan with Quantum will be paid a fee, without having to complete paperwork or an application process.

Product switches will be available to customers with at least five years remaining on their mortgage term, provided they are not in arrears when the product switch letter is issued.

Jason Neale (pictured), chief executive 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 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.”

The launch follows Quantum’s recent completion of its third securitisation, taking funds raised through the Bletchley Park Funding programme to more than £800 million.