Quantum Mortgages

Mortgage Type

Bridging Lenders

Property Value (min)

No minimum property value

Advance (min)

£50,000 gross (1st charge only)

Advance (max)

£2,000,000 gross (1st charge only)

Term (Max)

24 months

Minimum Age

21 years

Maximum Age

85 yrs at the end of the term

Family Cash Gift Deposit

Yes

Family Gift of Equity Deposit

Yes

Income (min)

No minimum income

Restrictions

The maximum number of loans that may be granted to any one borrower is limited to the lesser of 10 loans or £10 million of borrowing

Quantum mortgages will lend on a maximum of 33% of units in an individual block

Ex Local authority flats up to 70% LTV, houses to 75% (in an area where at least 50% of the properties are owner occupied).
Flats with deck access over 5 storeys max 60% LTV

UK Residents only

Residential investment -
Repayment: Interest retained for the loan term.

Refurb bridge:
Repayment: Interest retained. Exit fee 1% of the gross loan.

Refurb + bridge:
Repayment: Interest retained. Exit fee 1% of the gross loan.

Let to Buy (Turning Residential into Buy to Let)

No – don’t consider CBTL

Ex-Local Authority Properties

Yes

Minimum years remaining on leasehold property

Minimum remaining lease term is 40 years at loan completion

Permanent rights to reside and remain

Yes - UK Residents only


EU Citizens

Applications submitted from 1st January 2021 where the applicant is an EU citizen they must provide a valid permanent residence document or evidence that settled or pre-settled status has been granted under the EU Settlement Scheme. This can be in the form of a letter from the Home Office confirming their settlement status or a Residence Card.

Settled status is awarded to EU citizens that can evidence a minimum of 5 years’ continuous residence in the UK, whereas pre-settled status applies to those who have not resided in the UK for 5 years. Those awarded pre-settled statuses can apply for settled status once the 5-year residence requirement can be met.

Ex-Patriates

No

New Builds

Flats acceptable up to 70% LTV where criteria is met. Max 5% builder incentive.
Houses up to 75%.

Credit Score

No

Historic CCJ’s & Defaults

Satisfied defaults / CCJs considered if non instalment debts and less than £500 combined (maximum of 2)

Late payments considered subject to a reasonable explanation

Valuation Fees

Valuation fees paid direct to lender or valuer depending on valuers selected

Maximum number of applicants

4

Countries

England and Wales

Access

Via 3mc, on a packaged basis only.

Condition

All conditions considered subject to the property being wind and watertight.