Interbay are a specialist mortgage lender with a focus on commercial, semi-commercial and buy to let.
They are experts in providing bespoke solutions with extensive knowledge.
Interbay will lend on houses, flats, blocks of flats, multiple units on one freehold, new-builds (up to 70% LTV), and properties converted during past two years (up to 70% LTV) are all acceptable.
Multiple units must all be individually marketable and mortgageable for Interbay to consider lending against the sum of individual values, otherwise lending may be based on the lower of vacant possession value (VP), investment value or purchase price.
Interbay product criteria includes:
- Minimum age of 18 up to 85
- Capital raising - Will consider capital raising for any legal purpose on all re-mortgage applications. The amount and purpose of the capital raising to be provided on the application
- A minimum of 12 months employment history is required for all employed / self-employed applicants
- The latest annual accounts or SA302/tax calculation with corresponding overview are required where the applicant is a non-portfolio landlord
Loan to value ratio
How much you will be able to borrow as a mortgage is likely to be influenced by a number of factors, including how much you earn.
Another important consideration is your loan to value (LTV) ratio. This shows how the amount you want to borrow relates to the market value of your property.
So, if you want to borrow £50,000 as a mortgage on a £100,000 house, your LTV would be 50%.
If you then wanted to take out a second charge mortgage for a further £25,000, this would make your LTV 75%.
The higher your LTV, the higher interest rates most lenders will tend to offer.
Find the best deals on mortgage rates
The mortgages market is diverse, with many different providers and types of mortgages to choose from.
This can make it hard to know which offers the best value for you. Our mortgage calculator takes a lot of the hard work out of the equation for you.
All you have to do is head to the top of the page and plug in some basic details, including the amount you wish to borrow, how long you want to repay over and why you need the money.
The mortgage calculator will then match your enquiry with our pick of the top deals from across the industry, making it much quicker and simpler for you to make a comparison.
Independent Mortgage Advice
What type of mortgage is right for you depends on a number of factors, including your goals and your personal circumstances.
If you are not sure what to do, it is a good idea to speak to an independent mortgage broker who will be able to offer impartial advice on Interbay mortgages as well as other lenders.