InterBay Commercial is to simplify its mortgage range for buy-to-let business and houses of multiple occupation (HMOs) by adopting a single tier approach to pricing.
Following similar changes it made to its commercial and semi-commercial proposition, InterBay’s buy-to-let/HMO product range will be simplified to a single tier, resulting in a reduction of up to 0.65 percentage point for landlords borrowing less than £500,000.
Fees are to remain at 1.2% for loans above £1m, and 1.7% below £1m.
Darrell Walker, head of sales, second charge & commercial, said: “As an established, specialist lender, we have a pool of expertise and experience that we have been able to draw upon to ensure that these changes strengthen InterBay’s competitive position and provide a significant price reduction to customers whilst minimising the impact on returns.”