InterBay cuts commercial rates and adds dual legal representation

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  • 25/10/2018
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InterBay cuts commercial rates and adds dual legal representation
InterBay Commercial has cut rates across its commercial and semi commercial products by 0.25% and has also introduced the facility of dual legal representation for bridging through its panel solicitors.

 

Dual representation means that law firm Clarke Willmott can act for both InterBay and the borrower on bridging loans up to £2m.

The lender said this would help provide brokers a faster, efficient and cost effective method of accessing short term finance on behalf of their clients.

 

Tax reform key for bridging

Also, research released by InterBay Commercial revealed 52% of brokers believe reform to tax legislation for property investors would boost the bridging market.

One in five felt the removal of the additional 3% stamp duty land tax for landlords would help to drive growth in the market, while only 16% called for the reversal of the recent changes to the tax treatment of mortgage interest for landlords.

Meanwhile, more brokers believe remaining in the EU (15%) would have a positive effect on the market than a soft Brexit (9%) or a hard Brexit (3%) combined.

Darrell Walker, head of sales at InterBay Commercial (pictured), said the swathe of tax changes in recent times have left an indelible mark on the bridging and wider buy-to-let market.

He added: “Some landlords have been forced to recoup higher tax costs through higher rents, others no longer have the funds to refurbish properties, and many amateurs have left the market altogether.

“At a time when the supply of affordable property across all tenures remains a key economic challenge across the country, taking steps to encourage, rather than deter investment into the sector would go some way to alleviating our current housing crisis. Taking a second look at the tax burden investors must shoulder is a good place to start.”

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