Adrian Moloney

InterBay brings out new holiday let proposition

InterBay Commercial has launched a new range of holiday let products, aimed at personal ownership and limited company landlords looking to rent properties on a short-term holiday let basis.

Loan sizes range from £50,000 to £1m, with no maximum property value.

The new range, available in England and Wales, includes:

  • a two-year fixed-rate product at 70% LTV and 3.84% interest rate
  • a five-year fixed-rate product at 70% LTV and 4.29% interest rate.

An interest-only option is also available.

Both products come with a 1.50% fee and an ERC of 4% in the first year, transitioning to 3% per year afterwards.

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 (pictured above), 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.”

Brokers can also benefit from 48-hour AIPs and dedicated case management, as well as support from the lender’s team of specialist finance account managers, who can provide guidance and help for any questions they might have.

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