Bridging lender KSEYE has updated its hybrid buy-to-let (BTL) product range interest rate to 5.74% per annum and its lowest bridging rate to 0.48% per month.
For the higher tiers hybrid BTL range, the interest rate will remain at 6.49% and 7.49%, however, the maximum deferred interest of the mid-tier product has been reduced to 1.5%.
Elsewhere, KSEYE has introduced the minimum income requirements for first-time buyers or their guarantors.
It says that not all property types will be eligible at an interest cover ratio (ICR) of 100% of pay rate. The criteria for borrowers with adverse credit issues have also been modified.
KSEYE co-founder and director Nikes Khagram says: “The wider financial climate is beginning to affect the specialist property finance market. This has led to the revision of our Bridging and hybrid BTL products.”
