KSEYE’s current hybrid buy-to-let product range will be withdrawn at the close of business on Friday 22 April, ahead of a rate increase next week.
The bridging lender says it will honour all full applications that are received before the products are withdrawn on 22 April at the existing product rates, as long as the loan is completed within three months.
Jitendra Khagram, co-founder and director of KSEYE, said: “As the Bank of England rates continue to rise, the short-term finance market is not immune from the pressures this creates. Due to this, we have reconsidered our existing hybrid buy-to-let range, and will be announcing a product range with increased rates on Monday 25th April.
“Before we withdraw our current products, we encourage brokers and clients to submit an application to ensure that they can benefit from our existing rates.”
KSEYE’s hybrid buy-to-let product launched in October 2021, offering loans ranging from £150,000 to £25m over a 24-month term. Borrowers taking advantage of this product range can also defer interest payments, top slicing is permitted, and the products are suitable for various property types.