InterBay reduces rates and changes commitment fees

These changes include new commercial and semi-commercial products for loans above £1m, with pay rates at 65% and 75% LTV reduced by at least 0.5%; reduced BTL and HMO rates, with pay rates starting from 3.99%; and a brand new range of 2 year fixed-rate products.

In a further move, InterBay has also reduced the upfront fees payable by customers prior to completion with the following changes:
•    Introduction of a £130 Application Fee – payable when the valuation is instructed
•    Removal of the historic Booking Fee (previously 0.25% of the loan amount). The full arrangement fee can now be added to the loan

In support of the new price changes, InterBay is rolling out a new broker portal that makes applying for loans quicker and easier. Designed to make the existing case submission and management more streamlined for brokers, personal invitations will start to be sent out on 25th January for existing panel brokers to register onto the new system.

Adrian Moloney, Sales Director of OneSavings Bank said:

“We’ve listened carefully to brokers and used their feedback to fine tune our long term loan range which now better serves their customers’ needs.  This product revamp alongside the launch of a new broker portal all add up to the start of an exciting year ahead for InterBay.”

“I would urge any broker who wants to know more about the exciting and positive changes at InterBay to contact their local Business Development Manager.  Our BDM team are able to assist with broker portal registrations, product information as well as new business enquiries.”