The changes to the loan range include:
- New commercial and semi-commercial products for loans above £1m, with pay rates at 65% and 75% loan to value (LTV) reduced by at least 0.5%
- Reduced buy-to-let (BTL) and houses in multiple occupation (HMO) rates, with pay rates starting from 3.99%
- A new range of two year fixed-rate products
In addition, Interbay has reduced the upfront fees payable by customers prior to completion, the changes include:
- Removal of the historic booking fee, previously 0.25% of the loan amount – the full arrangement fee can now be added to the loan
- Introduction of a £130 application fee, payable when the valuation is instructed
To support the announced changes, Interbay is rolling out a broker portal to streamline the loan application process, which will do so by making more efficient the case submission and management processes.
Invitations to register onto the new system will start to be sent to existing panel brokers on 25 January, and will provide access to the following features:
- Faster AIP decisions
- A one-stop application process
- Real-time case updates
- The ability to upload documents and add case notes
Adrian Moloney (pictured), sales director of Onesavings Bank, commented: “We’ve listened carefully to brokers and used their feedback to fine tune our long-term loan range which now better serves their customers’ needs.
“The product revamp alongside the launch of a new broker portal all add up to the start of an exciting year ahead for Interbay.”