Quantum Mortgages has launched ‘Switch to Fix’ and reduced its tracker rates.

The launch of Switch to Fix will allow clients that take out any tracker product to switch to a fixed rate up to two years after completion.

Meanwhile, the lender has reduced its lifetime tracker, following the Bank of England’s base rate rise to 3% yesterday. 

It has also reduced its two-year discounted rates and reduced the early repayment charges on the two-year discounted rates. 

Quantum has expanded its two-year discounted product to include specialist, expats, and foreign nationals as part of the changes.

In addition, the lender had introduced a new one-year discounted tracker product.

Quantum Mortgages sales director Spencer Gale says: “As the financial markets continue to recover from the fallout of the mini-budget presented by the government on the 23 September, we all know that the whole supply chain within the mortgage market has come under considerable strain these last four weeks.”

“After speaking to hundreds of brokers across 16 events in October, it was clear that interest cover ratios (ICRs) were under considerable strain with the stress test of fixed rates and cases weren’t fitting, so we looked at our product range for potential alternatives that may help those struggling ICRs.”