InterBay Commercial launches new holiday let proposition

The lender, which is part of the OSB Group, said the products are aimed at personal ownership and limited company landlords looking to let out properties on a short-term holiday let basis to meet the recent growth in demand.

InterBay Commercial launches new holiday let proposition

InterBay Commercial has launched a range of holiday let products with rates starting from 3.84%.

The lender, which is part of the OSB Group, said the products are aimed at personal ownership and limited company landlords looking to let out properties on a short-term holiday let basis to meet the recent growth in demand.

The range, which is available in England and Wales, starts at 3.84% with loan-to-values (LTVs) of up to 70% and a choice of either a two or 5-year fixed rate product. Loan sizes range from £50k up to £1m, with no maximum property value. An interest-only option is also available.

Minimum ICR and stress rate requirements are 140% using gross rent, with rent calculations based on a letting period of 30 weeks a year at an average of the low, mid and high season rates.

Adrian Moloney, group sales director at OSB Group, said: “Here at InterBay Commercial, we’ve got a vast amount of experience in providing bespoke solutions for your clients, however complex or challenging their cases.

“With more people looking at staycations as a result of the pandemic, there’s been a big increase in demand for holiday let accommodation.

“To help experienced landlords meet this demand, our new proposition could be ideal for those who are operating through a limited company structure, have complex set-ups or are thinking of purchasing a property that doesn’t fit the sometimes narrow criteria found on the high street.”

LATEST NEWS