The lender has implemented changes across its entire product range, with loans redeemed in years’ 1, 2 and 3 charged at 5 per cent. This will drop to 4 per cent in the fourth year, 3 per cent in year 5 and 0 per cent thereafter.
Unlike many commercial lenders, InterBay has stressed that it does not impose a 1 per cent ERC for the life of the loan.
As a result of industry feedback, InterBay has also replaced its BBR Starter product with a true BBR Tracker. Available immediately, the product will track the Bank of England’s base rate for the term of the mortgage.
“At InterBay we are constantly monitoring the wider commercial mortgage market ensuring that both our existing and new products sit competitively within the market and best reflect our clients’ needs and feedback," said Colin Bell, director at InterBay Commercial.
“The launch of the new BBR Tracker and the ERC improvements have been made so that we now have some of the best and most competitive products in the market. We’ve listened to intermediaries and given them even more compelling reasons to use InterBay.”
Andy Steen, managing director at Clear Business Mortgages, added that the lender's release was 'well-timed.'
He said: "It is fantastic news that, because of our close relationship, we have been able to discuss various product areas that we feel are mutually beneficial to our business models, and as a direct result of this and feedback from other InterBay Partners, InterBay's products now stand out from the crowd. We look forward to increased business levels throughout 2008!"
David Sampson, head of commercial at Omega Financial Services, concluded: "It is always refreshing when lenders listen to their professional partners. This introduction of a genuine base rate tracker product, represents a real improvement to InterBay’s commercial mortgage offering.
"As an approved packager, Omega is pleased to be able to offer this enhanced ‘true self-cert’ commercial mortgage to existing and new introducers."
