Interbay Commercial, the bridging finance, commercial mortgages and buy-to-let specialist finance provider, part of OneSavings Bank, has enhanced its BTL range by increasing the maximum LTV limit across all products.
This reintroduction of a maximum 80% LTV limit (previously 75%) will be supported by two new fixed rate products, a two-year and a five-year fix.
In addition, the 20 bed limit on HMO applications has been removed and the maximum loan size supporting large loans has also been removed.
Interbay recently launched a new range of holiday let products, designed for personal ownership and limited company landlords wishing to rent properties as short-term holiday lets, or for remortgages. A new two-year fixed rate has been added to this range for applications of up to £500,000, with a £0 product fee.
Emily Machin, head of specialist finance at InterBay Commercial, said: “We’re excited about our enhanced buy to let range and are looking forward to working with our intermediary partners to help them place their customers’ cases. By increasing the maximum LTV limit on our buy to let range to 80%, we’re confident this will appeal to our broker partners, especially as we now have no upper limits on loan size or number of bedrooms/units for HMOs/MUFBs and have the capability of combining properties onto a single application which saves an enormous amount of time. With regards to our new 2 year fixed rate holiday let mortgage with £0 product fee, we’ve certainly seen an increase in demand from investors who already have an understanding of the holiday lets rental market. We know that investors are always looking for new opportunities for capital growth, to boost their rental yield and differentiate their asset class so this addition to our range will be welcomed.”
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