InterBay Commercial, part of the leading specialist bank OSB Group, has increased the maximum loan-to-value (LTV) limit across its buy to let mortgages range.
The lender has reintroduced a maximum 80 per cent LTV limit (up from 75 per cent) across its buy to let range. To support the return of higher LTVs, the lender has also launched two new 2 and 5 five year fixed rate products.
Further enhancements include removing the 20 bed limit on HMO applications and removing the maximum loan size to support large loan cases.
Following the launch of its holiday lets range aimed at personal ownership and limited company landlords earlier this year, it has expanded on its offering by also adding a new 2 year fixed rate mortgage with £0 product fee, on applications up to £500,000.
Emily Machin, head of specialist finance at InterBay Commercial, said: “We’re excited about our enhanced buy to let range and are looking forward to working with our intermediary partners to help them place their customers’ cases. By increasing the maximum LTV limit on our buy to let range to 80%, we’re confident this will appeal to our broker partners, especially as we now have no upper limits on loan size or number of bedrooms/units for HMOs/MUFBs and have the capability of combining properties onto a single application which saves an enormous amount of time. With regards to our new 2 year fixed rate holiday let mortgage with £0 product fee, we’ve certainly seen an increase in demand from investors who already have an understanding of the holiday lets rental market. We know that investors are always looking for new opportunities for capital growth, to boost their rental yield and differentiate their asset class so this addition to our range will be welcomed.”
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