InterBay cuts buy-to-let rates

InterBay cuts buy-to-let rates

InterBay Commercial has simplified their mortgage range for buy-to-let business and houses of multiple occupation.

The lender, part of specialist lending group OneSavings Bank, has adopted a single tier approach to pricing.

Following similar changes it made to its commercial and semi-commercial proposition, InterBay’s buy-to-let and houses of multiple occupation product range will be simplified to a single tier, resulting in a reduction of up to 0.65 per cent for landlords borrowing less than £500,000.

Fees are to remain at 1.2 per cent for loans greater than £1m and 1.7 per cent for deals less than £1m.

Darrell Walker, head of sales for second charge and commercial at Interbay, said: “As an established, specialist lender, we have a pool of expertise and experience that we have been able to draw upon to ensure that these changes strengthen InterBay’s competitive position and provide a significant price reduction to customers whilst minimising the impact on returns."

Ray Boulger, senior technical manager at John Charcol, said as there are relatively few lenders in the houses of multiple occupation market it is clearly excellent news for both landlords and brokers when one of the key players in that market cuts rates.

Mr Boulger said: “It will be interesting to see if this move by Interbay provokes other lenders in the houses of multiple occupation market to respond.”