The lender has reduced rates by at least 0.5% on its new commercial and semi-commercial products on loans above £1m, with pay rates at 65% and 75% LTV.

Buy-to-let and HMO rates have also been reduced with pay rates starting from 3.99%, while the lender has introduced a new range of two-year, fixed rate products.

InterBay has also reduced the upfront fees payable by customers prior to completion.

The changes include:

• the introduction of a £130 application fee – payable when the valuation is instructed
• the 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 addition to the price changes, InterBay – part of specialist lending group OneSavings Bank – is rolling out a new broker portal which it believes will make applying for loans quicker and easier.

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The lender has streamlined the existing case submission and management for brokers, and personal invitations will be sent out today (25^th January) for existing panel brokers to register on to the new system.

The new system features:

• faster AIP decisions
• a one-stop application process
• real-time case updates
• the ability to upload documents and add case notes.

“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,” said Adrian Moloney, sales director at OneSavings Bank (pictured above).

“This product revamp, alongside the launch of a new broker portal, all add up to the start of an exciting year ahead for InterBay.”

Adrian added that any brokers who needed more information about the changes should contact their local business development manager.