InterBay Commercial has made reduction to rates on its entire range of buy-to-let and HMO products.
Variable rates will now start from 4.2%, and five-year fixed rates, which are stress-tested at pay rate, will start from 4.4%.
The lender, which is part of specialist lending group OneSavings Bank plc, has also announced the removal of the 70% and 80% LTV brackets for buy-to-let and HMO.
In addition, buy-to-let and HMO loans above 75% LTV will now be available up to £1m.
Changes include the following:
| Margin (%) | ||||
| Loan size | Rate (%) | 65% LTV | 75% LTV | 85% LTV |
| £100K – £500k | 3 month LIBOR + margin of 0.75% | 4.10 | 4.20 | 4.65† |
| Above £500k | 3 month LIBOR + margin of 0.75% | 3.45 | 3.60 | 4.25*† |
Darrell Walker (pictured), head of second charged commercial lending at OneSavings Bank, 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.”
