Colin Bell, operations director at InterBay, said: “We are constantly striving to ensure that our products best meet the needs of intermediaries and believe that our new product is amongst the most competitive on the market.
"Recent research with intermediaries revealed that the majority of their commercial borrowers were looking for a longer term (30 years) so that they could reduce their monthly payments. We’ve also seen an appetite for lower loan-to-values (LTVs). We have therefore readjusted our pricing to reflect these needs and combined with the other changes we’ve made, such as significantly reducing the rate for lower LTVs, the vast majority of our borrowers will now get a better deal.”
Key changes made:
- Price reductions for lower LTV – up to 1.25% off the rate
- Term loading removed (was up to 0.5%)
- Interest only loading removed (was up to 0.375%)
- Investor loading removed (was 0.5%)
- 15- & 20-year terms attract a 0.25% reduction.
“Our approach to underwriting means that we assess each case presented on its individual circumstances to make sure that the most appropriate loan is taken. Our loan managers are very excited about taking the new matrix to brokers and are confident that it will be very positively received.”
InterBay programme highlights:
- Interest only option available
- True self-cert
- No application, commitment or completion fees required
- Conditional offer in 48 hours, fully credit checked and underwritten
- Up to 85% LTV.
