InterBay cuts rates for BTL and HMOs

by: Carmen Reichman
  • 30/06/2016
  • 0
InterBay cuts rates for BTL and HMOs
OneSavings Bank affiliate InterBay Commercial has cut the rates on its buy-to-let and Houses in Multiple Occupation (HMO) products as part of a wider price simplification exercise.

The lender will offer variable rates on the products starting from 4.2%, while 5-year fixed rates will now be available from 4.4%.

InterBay also removed the 70% and 80% loan-to-value (LTV) brackets for both buy-to-let and HMO, and will now offer 75% LTV for up to £1m.

For loans of between £100,000 and £500,000 the lender will offer rates of 4.1% (65% LTV); 4.2% (75% LTV) and 4.65% (85% LTV). On larger loans it has set prices at 3.45%; 3.6% and 4.25% respectively.

Previously, the rates for sub-£500,000 loans were set at between 4.35% and 5.35% while larger loans started at 3.75% ranging up to 5.35%.

OneSavings Bank head of second charge and commercial lending Darrell Walker (pictured) said: “The new pricing and simplification of our product range forms part of our commitment to provide brokers with access to a competitive and compelling proposition for their specialist clients.

“These changes complement the improvements we have been steadily making to our offering throughout the year, matching changing market needs, and will ensure we are at the forefront of our brokers’ minds.”

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