KSEYE to withdraw hybrid BTL products ahead of rate increase

KSEYE has announced that its current hybrid BTL range will be withdrawn tomorrow (Friday 22nd April), ahead of a rate rise it will be implementing next week.

The specialist lender launched the offering in October 2021 — providing loans between £150,000 and £25m over a two-year term — for various property types in England and Wales.

Borrowers utilising this product can also defer interest payments and top slicing is permitted.

The business stated it will honour all full applications that are received before the products are withdrawn at the existing rates (beginning at 5.49%, with deferred interest allowing a payrate of 4.49%), if the loan is completed within three months.

“As the Bank of England rates continue to rise, the short-term finance market is not immune from the pressures this creates,” said Jitendra Khagram, co-founder and director of KSEYE.

“Due to this, we have reconsidered our existing hybrid BTL range, and will be announcing a product offering with increased rates on Monday 25th April.”

Next week’s new hybrid BTL range is expected to feature increased rates and other product criteria changes.

“Before we withdraw our current products, we encourage brokers and clients to submit an application to ensure that they can benefit from our existing rates," added Jitendra.

In December 2021, KSEYE celebrated its ninth birthday, having completed over 600 loans totalling in excess of £434m.

In both 2020 and 2021, the company’s loan book exceeded the £100m mark.

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