The specialist buy-to-let (BTL) and bridging lender said the enhanced offer now applies across purchase and remortgage business within its single unit, multi-unit and specialist ranges.
Quantum Mortgages has expanded its cashback proposition to include purchase applications, following the launch of its remortgage cashback range last month.
The specialist buy-to-let (BTL) and bridging lender said the enhanced offer now applies across purchase and remortgage business within its single unit, multi-unit and specialist ranges.
Under the proposition, borrowers will receive cashback worth 1% of the net loan amount within two weeks of completion.
Payments start at a minimum of £1,000 and are capped at £20,000, rising to £50,000 for portfolio loans of up to £5m.
Quantum initially introduced the cashback incentive for remortgage customers in response to large numbers of landlords reaching the end of 5-year fixed deals and facing higher mortgage rates and fees.
The lender said strong demand from brokers and borrowers had prompted it to extend the offer to purchase cases.
Harsha Dahyea (pictured), chief commercial officer at Quantum Mortgages, said: “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.”