InterBay is launching a five-year true self-cert commercial product, along with a new website and logo.
Colin Bell, operations director at InterBay, says this is the product that brokers have been requesting above all others and, as far as it is aware, no other lender offers this type of deal.
Bell says: “We are excited to launch a five-year fixed true self-cert commercial deal. It is the rate brokers have been requesting most. This deal has no early repayment penalties and no completion fees.”
The rate depends on the LTV. For example, a product with an LTV of 70% will have a rate of 9.875%.
Bell adds: “This product offers stability in a market of upward pressure on base rates.”
Stephen Johnson, sales and marketing director at Commercial First, says fixes of this length in the commercial market have not been popular, as consumers have shied away from being tied in for a long time.
He says: “It’s good to see a five-year fix but the key will be pricing.”
The launch coincides with a campaign InterBay is unveiling at the Mortgage Business Expo this week. Along with a revamped website and product literature it has introduced a simplified logo.