InterBay Commercial has made changes to its refurb proposition, which is available for experienced landlords through its key partners.
The refurb product range now features new specific products for HMO’s, rate reductions to buy-to-let refurb, an extension to interest roll up periods for medium and heavy refurb and a new exit facility that enables borrowers to benefit from an HMO/buy-to-let product priced the same as a Kent Reliance fixed rate product when a refurbishment is completed.
Details are as follows:
| HMO Refurb | Light | Medium | Heavy | ||||
| LTV | 60% | 70% | 75% | 60% | 70% | 60% | 70% |
| Rate % per month | 0.65% | 0.70% | 0.80% | 0.70% | 0.75% | 0.75% | 0.80% |
Extension of refurb
The refurb product has now been extended to include re-mortgages for both buy-to-let and HMOs.
Increase of interest roll up periods for buy-to-let
The interest roll up periods for buy-to-let have been increased to ensure the refurb product range reflects the type of work undertaken. These are now as follows:
- Light refurb interest roll up remains unchanged at six months
- Medium refurb interest roll up now at 10 months
- Heavy refurb interest roll up now at 12 months
Reprice of current buy-to-let refurb range
In addition to the proposition led changes a rate reduction of five basis points across the range has been included. The new rates are as follows:
| BTL Refurb | Light | Medium | Heavy | ||||
| LTV | 60% | 70% | 75% | 60% | 70% | 60% | 70% |
| Rate % per month | 0.60% | 0.65% | 0.75% | 0.65% | 0.70% | 0.70% | 0.75% |
Exit onto Kent Reliance priced products
Once works are completed, clients will be able to exit onto an InterBay Term loan or HMO/BTL product priced the same as a Kent Reliance fixed rate product. This will enable key partner clients to move onto a cheaper rate without having to go through the application and underwriting process again.
Adrian Moloney, sales director of OneSavings Bank, said: “The enhanced HMO proposition not only features some of the most attractively priced rates in the market but is augmented by some outstanding features such as the interest roll up and revert to Kent Reliance’s buy-to-let fixed rate range. I would also like to mention and personally thank our key partners for their invaluable contribution during the consultation period in making this happen.
“I am delighted to see InterBay Commercial deliver this new proposition following its extensive research with its key partners. It is testament to the strength of its partnerships and the experience and knowledge of the various teams within OneSavings Bank that have helped create one of the truly innovative products to be delivered to the commercial finance market.”
