Following feedback from its distributors, InterBay has made changes to its buy-to-let and commercial lending proposition.
The lender said brokers highlighted prospective enhancements to the underwriting process, including turnaround times, to make the process of securing a mortgage for their clients more efficient. As a result, InterBay has introduced discretion for its underwriters to waive the requirement for bank statements.
In addition, it has eliminated the valuation review, which significantly reducing process time by up to 48 hours.
Based on broker requests, InterBay can now also finance buy-to-let properties that are owned or to be owned by trading companies. And for repeat Buy-to-let borrowers who took out a mortgage within 12 months we only require the application forms, a valuation and confirmation in writing that their circumstances have not changed.
Andy Reid, national key account and relationship manager, said: “Listening to our brokers is central to the InterBay culture, and we pride ourselves on how we take action to respond to their feedback and evolving needs.
“Improvements to our processing and lending criteria is already generating a positive response from our Key Partners, having a positive impact on brokers’ client relationships.”
Improvements to InterBay’s legal processes include a new real time update service.
Colin Bell (pictured), product and new business director of InterBay, said: “Transparency between lawyers and brokers is essential to any market leading completion process. Being able to provide brokers with up to date information allows them to keep their clients fully informed, leading to a smoother completions process, and ultimately a stronger client relationship. We have no doubt that this will be a popular addition to our offering.”
