Interbay resumes lending up to 70% LTV

Interbay has introduced desktop valuations to resume lending up to 70% LTV on its buy-to-let products.

Related topics:  Mortgages
Rozi Jones
6th May 2020
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OneSavings Bank's lending brands, including Kent Reliance and InterBay, temporarily suspended new mortgage applications at the end of March amid the Covid-19 pandemic.

Interbay has now introduced new buy-to-let and semi-commercial product ranges.

Two-year fixed rate buy-to-let products start at 4.00% and five-year fixes from 4.10%, both available up to 70% LTV with a 1.7% fee (1.45% for existing borrowers).

Interbay will lend up to £700,000 on a maximum property value of £1m. It will also accept more involved ownership structures and interest-only options are available.

For semi-commercial cases, Interbay is able to underwrite to valuation instructed stage but is currently unable to progress to valuation.

New semi-commercial mortgages start from 4.85% fixed for two years and 4.95% fixed for five years, both available up to 60% LTV with a 1.5% fee (1.25% for existing borrowers).

In April, Precise and Kent Reliance resumed lending and are now accepting desktop valuations on residential and buy-to-let first charge mortgages.

The lenders are offering residential and buy-to-let products up to 60% LTV on a maximum property value of £600,000.

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