InterBay Commercial has announced rate changes across the majority of its long term loan range.
It has introduced new commercial and semi-commercial products for loans above £1m, with pay rates at 65% and 75% LTV reduced by at least 0.5%.
The OneSavings Bank brand has also reduced buy-to-let and HMO rates, with pay rates starting from 3.99%.
In addition, it has unveiled a new range of two-year fixed rate products.
InterBay has also reduced the upfront fees payable by customers prior to completion. It has introduced a £130 application fee, payable when the valuation is instructed and removed the historic booking fee (previously 0.25% of the loan amount). The full arrangement fee can now be added to the loan.
The lender is rolling out a new broker portal which it claims will make applying for loans quicker and easier. Designed to make the existing case submission and management more streamlined for brokers, personal invitations will start to be sent out on 25 January for existing panel brokers to register onto the new system. They will be able to access faster AIP decisions, a one-stop application process, real-time case updates and the ability to upload documents and add case notes.
Adrian Moloney (pictured), sales director of OneSavings Bank, said: “We’ve listened carefully to brokers and used their feedback to fine tune our long term loan range which now better serves their customers’ needs. This product revamp alongside the launch of a new broker portal all add up to the start of an exciting year ahead for InterBay.
“I would urge any broker who wants to know more about the exciting and positive changes at InterBay to contact their local business development manager. Our BDM team are able to assist with broker portal registrations, product information as well as new business enquiries.”