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Lender reduces buy-to-let rates

InterBay Commercial has simplified its mortgage range for buy-to-let business and houses of multiple occupation (HMOs) by adopting a single tier approach to pricing.

Following similar changes to its commercial and semi-commercial proposition, the lender, part of OneSavings Bank, has adopted a single tier approach to pricing.

Fees are to remain at 1.2% for loans greater than £1m and 1.7% for deals less than £1m.

Darrell Walker, head of sales for second charge and commercial at Interbay, said: “As an established, specialist lender, we have a pool of expertise and experience that we have been able to draw upon to ensure that these changes strengthen InterBay’s competitive position and provide a significant price reduction to customers whilst minimising the impact on returns.”

Ray Boulger, senior technical manager at John Charcol, said it will be interesting to see if this move by Interbay “provokes other lenders” in the HMO market to respond.