InterBay Commercial has launched a range of holiday let products.
The lender, which is part of the OSB Group, says the products are aimed at personal ownership and limited company landlords looking to let out properties on a short-term holiday let basis to meet the recent growth in demand.
The range, which is available in England and Wales, features rates from 3.84%, LTVs of up to 70% and a choice of either a two or five year fixed rate product. Loan sizes range from £50k up to £1m, with no maximum property value. An interest-only option is also available.
| Product | LTV | Rate | Reversion rate |
Fee | ERC |
| 2 year fixed | 70% | 3.84% | BBR+3.09% | 1.50% | 4%, 3% |
| 5 year fixed | 70% | 4.29% | BBR+3.54% | 1.50% | 4%, 3%, 3%, 3%, 3% |
Minimum ICR and stress rate requirements are 140% using gross rent, with rent calculations based on a letting period of 30 weeks a year at an average of the low, mid and high season rates.
Brokers can see a 48-hour agreement in principle and dedicated case management. The lender’s team of specialist finance account managers is on-hand to answer any questions they might have, as well as providing guidance and support.
Adrian Moloney (pictured), group sales director at OSB Group, said: “Here at InterBay Commercial, we’ve got a vast amount of experience in providing bespoke solutions for your clients, however complex or challenging their cases.
“With more people looking at staycations as a result of the pandemic, there’s been a big increase in demand for holiday let accommodation.
“To help experienced landlords meet this demand, our new proposition could be ideal for those who are operating through a limited company structure, have complex set-ups or are thinking of purchasing a property that doesn’t fit the sometimes narrow criteria found on the high street.”