InterBay and Gatehouse Bank update BTL ranges

InterBay Commercial and Gatehouse Bank have revised their specialist finance product ranges.

InterBay Commercial

InterBay Commercial has launched a new BTL product range with all rates reduced by 0.25 percentage points and all trail ERCs removed.

The new suite offers options at 75% and 80% LTV, with rates starting from 3.99% for two-year fixes and 4.19% for five-year fixed terms.

Multiple properties are accepted on a single loan, with no maximum loan amount or maximum property valued required.

The products are available for individual clients, as well as limited companies, SPV, trading companies, trusts and other complex ownership structures.

Emily Machin, head of specialist finance at InterBay Commercial, said: “It’s apt that as the industry celebrates 25 years of BTL, that this product launch marks our absolute commitment to the BTL market. 

“We’re certainly looking forward to creating tailored business solutions for our broker partners. 

“We’ve earnt a strong reputation for building robust relationships and delivering innovative buy to let solutions for complex and multifaceted deals and this launch means we’ll be able to do even more.”

In September, InterBay completed a £30m facility with SPF Private Clients, secured against a mixed-use portfolio comprising over 400 properties in central and northern England.

Gatehouse Bank

Gatehouse Bank has cut rates across its BTL products for UK residents and UK expats by up to 0.45 percentage points.

The reductions apply to those buying as individuals or through corporate entities and include HMOs and MUFBs.

The reduction applies to all two- and five-year products up to 80% FTV.

The product with the biggest rate cut of 0.45 percentage points is the lender’s five-year fixed-rate option at 65% FTV, which is now available at 3.99% for finance amounts below £500,000 and 3.79% for finance above £500,000. 

The new two-year fixed rates now start from 3.39% (65% FTV) for UK landlords and 3.49% (65% FTV) for UK expats.

Meanwhile, prices for the five-year fixed-rate options start from 3.75% (65% FTV) for both UK and expats borrowers.

Gatehouse’s BTL products can cater for single units or portfolios up to £5m, with no limit on the number of properties for portfolio landlords.

John Mace, product manager at Gatehouse Bank, said: “We are delighted to introduce this latest round of rate reductions across the majority of our BTL products. 

“Islamic home finance remains a growing force in the UK and these changes will enhance our competitiveness at a time when life is slowly returning to normal.”

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