InterBay has loosened its criteria by allowing its underwriters to waive the need for bank statements after receiving feedback from its key partners.
InterBay has also eliminated the valuation review, which it said would reduce processing times by up to 48 hours.
It will now finance buy-to-let properties owned by trading companies, while for repeat borrowers taking out a mortgage after 12 months InterBay will just require application forms, a valuation and confirmation in writing that their circumstances have not changed.
Andy Reid, InterBay’s national key account and relationship manager, said: “Listening to our brokers is central to the InterBay culture, and we pride ourselves on how we take action to respond to their feedback and evolving needs.
“Improvements to our processing and lending criteria is already generating a positive response from our Key Partners, having a positive impact on brokers’ client relationships.”
InterBay has also changed its legal processes with a real time update service.
Colin Bell, product and new business director of InterBay, said: “Transparency between lawyers and brokers is essential to any market leading completion process.
“Being able to provide brokers with up to date information allows them to keep their clients fully informed, leading to a smoother completions process, and ultimately a stronger client relationship. We have no doubt that this will be a popular addition to our offering.”