InterBay Commercial, part of the OneSavings Bank PLC Group, has revised its Refurb Loan product.
Details are as follows:
- Maximum LTV during Refurb Period 75%
- Light & Medium Refurb Options
- Rates from 0.65% per month during refurb
- Interest can be rolled up for six months if required
- Reverts to Standard Buy to Let Product up to 85% after works completed
- Fees only charged on extra drawdown when reverting to standard buy to let product
- Refurb term up to 12 Months
- Maximum Term 30 years
Colin Bell, CEO of InterBay Commercial, said: “Following the launch of the unique InterBay Term Refurb product we are pleased to announce that the product is being further enhanced. Alongside the Term product we are adding a short term penalty free product to give flexibility to borrowers.
“Now that the Term product has bedded in, it is clear that there is a need for borrower flexibility. This new product allows the borrower to have the option of selling the property post refurbishment without penalty or converting to term product if required. The rates have remained the same, alongside different fee structures for both products. We plan to further extend and enhance this product after the summer.”