InterBay Commercial has launched a range of holiday let products with rates starting from 3.84%. 

The lender, which is part of the OSB Group, said the products are aimed at personal ownership and limited company landlords looking to let out properties on a short-term holiday let basis to meet the recent growth in demand.

The range, which is available in England and Wales, starts at 3.84% with loan-to-values (LTVs) of up to 70% and a choice of either a two or 5-year fixed rate product. Loan sizes range from £50k up to £1m, with no maximum property value. An interest-only option is also available.

Minimum ICR and stress rate requirements are 140% using gross rent, with rent calculations based on a letting period of 30 weeks a year at an average of the low, mid and high season rates.

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.”