Interbay Commercial, the bridging finance, commercial mortgages and buy-to-let specialist finance provider, part of OneSavings Bank, has launched a new range of holiday let products. These products are designed for personal ownership and limited company landlords wishing to rent properties as short-term holiday lets. They are also offered for remortgages.
The range is available in England and Wales, to meet the recent growth in demand. Rates are offered from 3.84% with LTVs of up to 70% and either a two or five-year fixed rate.
There is no maximum property value, and loan sizes ranging from £50k up to £1m. There is also an interest-only option included in the range. All applicants must be existing landlords.
The minimum income cover ratio is 140% of gross rent, which is calculated on a 30 week letting period, using an average of low, mid and high season rent.
Adrian Moloney, group sales director at OSB Group, 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.”
Original article featured here…
At the close of last year, Interbay launched a new range of semi-commercial mortgages.
source https://commercial-mortgages-broker.co.uk/buy-to-let-news/interbay-launches-holiday-let-range/
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