InterBay Anmeldelser 

Terrible Experience – Slow, Unreasonable Requests

We applied for a mortgage with Interbay through our broker, Charleston Finance, and the experience was nothing short of appalling. Interbay repeatedly asked for excessive and unnecessary documentation, dragging out the process for months. Initially, they requested three years of certified personal bank statements, which we promptly provided. Then, after a lengthy delay, they demanded a fourth year’s statements. After going through the hassle of supplying this, they asked for four years of certified personal utility bills. Who has four years of personal utility bills at hand? Why not ask for everything upfront?

On top of that, we were constantly pestered for trivial information, with no progress made on our application. After two months of frustration and delays, we formally withdrew our application. To add insult to injury, we applied to a different bank and received a mortgage offer in just two weeks.

Interbay wasted our time, wasted our money and caused endless frustration. We will never deal with them again.

I had a loan from interbay and settled the debt in March 2023 imagine my surprise when I go to re finance the buildings and interbays charge is still on at the land registry obviously someone/team isn't doing there job properly the situation is currently delaying my re mortgage and costing me money,if you find yourself fortunate enough to settle your mortgage check and double check the charge has been removed I have emailed and written to interbay and to date haven't had the letter required to give to my new lender proving the debt is paid (the land registry could take weeks....months
Apart from that interbay served a purpose hence the 2 stars
But I wouldn't use again

My experience echoes all of the below comments - I would not normally write reviews or seek to leave one but I have been left shocked at how this firm operates. I have been in business 30 years and never experienced anything like it. This lender will lead you on, take fees, and at the last moment find excuses not to lend that are so tiny that everything gets held up indefinitely. My Commercial solicitor said they have never come across practices like it and they just don't apply any common sense to anything. Avoid

I took out a mortgage with Interbay to purchase the freehold of mixed property (a shop and some housing). The rate was quite high but no other costs were expected. Several things then came as a surprise that cost quite a lot. Firstly the valuation fees for the mortgage was £6,550. I asked how it was so high and was told that it had gone to tender. I asked how many bids came in and was told one. Interbay later said I must have their own solicitor as well as the other two involved and that I had to pay for them.. The extra solicitor was incompetent and misread documents and had to be corrected by the other solicitors. Very late in the day your solicitor introduced unexpected rules and threw unexpected spanners into the works. For example limits on the excess allowed on the insurance. They must have known about that all the time but only chose to tell me within 48 hours of completion. So completion had already been delayed once but now it was actually late for the delayed date. I was told it was being looked at but the completion date just came and went. There is more but I need to stop as I am getting annoyed trying to remember the experience to tell you about it and Interbay have caused me enough stress. I have been a Buy to Let Landlord for many years (42 years) but I have never used a company that was so slow, chaotic, incompetent and unprofessional.

If I had read these reviews then we would never have gone forward with this company, my complaint eerily similar to Mark's below. We paid for a valuation up front, this took place on the 30th September was valid until the 29th March 2023. So completion must take place within that time. It then took them 3 months to issue a mortgage offer - this was issued on the 5th January. We used their recommended Solicitors in Leeds because we thought that would make things quicker as obviously we had less than 3 months to complete the re mortgage. Like another reviewer below, they threw up road blocks in the last 2 weeks. I turned myself inside out but everything was answered, one item was about a right of way, so I gave them £200,000 of extra security which included the right of way. As the end of the 6 months approached everything was in order, the solicitor had applied for the money, we were just told someone was looking at it, and the completion date just passed! They had further confirmation from the valuer that he stood behind his valuation, they could have completed before the 5th April, but nobody spoke to us again about anything. Now this is only my cynical opinion but when we started this process the interest rate we agreed was 4.3% it now stands at 7.7%. I do not work in the financial markets but even I know they would make more money by allocating our funds to someone else. Finance is Interbays business, they should have been aware of what the markets were doing, and if they did not want to lend that money because it was a bad business deal, then, if this were me, I would not have issued the mortgage offer in January, in light of the fact that interest rates were already rising or I would not have let it go on for so long. We even checked that they were still happy to lend to us, they confirmed they were! Now we are out Valuation fees, and the solicitors bill of £1700. Interbay have just come back today(24th April) and said we don't meet their current criteria they can't lend to us and sent a complaint form. In nearly 40 years as a Buy to Let Landlord I have never come across a firm that is so unprofessional and slow to respond. I think like a lot of Financial institutions these days they cover their backs and no one dare make a decision incase they make a mistake.

As the review below says, Avoid at All Costs. This company is unregulated because they are not able to reach the standards required to become regulated as they would be out of business in days from all the unhappy people they have conned. The staff must be so poor at their job they cannot get employed at a guenuine mortgage company. Interbay led me on for over a year, collecting fees of thousands from me for them and their co-conspirators on the purchase of an office unit that eventually fell through because of the length of time taken by them to procees the application. They refuse to talk to you, take months to respond on each item you send and I have worked out that their modus operandi is to continually ask for new items of information piecemeal until the process has taken too long and the purchase falls through but only after they have collected thousands in fees from you. I wish I could get in contact with Tom Below as we could issue a joint action against them - There is a pattern here, Financial Ombudsman take note!! In addition you care nothing for the satisfaction of your customers to the point where you havnt even bothered to respond to the complaint that was submitted to you in October 2022. That really sums up the whole attitude of this company.

AVOID THIS COMPANY AT ALL COSTS
I have never dealt with a company so unprofessional in my life. I was attempting to purchase a new build warehouse that had a tenant in line who has now moved in, the developer who was selling this unit has built and sold over 40 units in the same industrial estate- perfect property to lend against it would seem. On top of the unbelievable about of scrutiny they do on every single piece of infomation they request Interbay had an issue with the collateral warranties (no other lender has ever had a problem with this for all of the other units that have sold on the same site) they dragged this case on from May last year, in December I spoke to the seller and said please sell this on elsewhere as I have no idea what the lender is playing at, they agreed, and then 3 days later after months of chasing Interbay sent the mortgage offer so the deal was back on. fast forward to Jan/Feb 2023 they ask for £1,000 for their solicitor to check through the warranties again, they then took weeks on end to come back, they they asked for the lease, the tenant had "chemicals" in there business name - established business who manufacture and wholesale cosmetic products - interbay pulled the whole deal because of the "chemical" in the tenants name. I cannot believe they lead me on for nearly 2 years when they had 0 interest in lending anyone any money, they should be audited and looked into, they are loan sharks, they cost me thousands of pounds on top of the £1,000 I paid for the collateral warranties, i paid for app fee, valuation fee etc, read all the other reviews everyone says the same they have no interest in lending you money they just want to take your money, one of the biggest scams i have ever come across and I hope nobody ever uses them again as it will just waste your time and money. I am now taking legal action against them to try and claim back some of the time/money wasted on this purchase starting with all of the above being sent to the financial ombudsman. Please take the time to read this and don't waste your time with this company.

I am writing to express my dissatisfaction with the services provided by Interbay UK, hopefully, this and other reviews on this lender helps you to avoid serial disappointments. For the past twelve months, I have been dealing with this loan shark and have been incredibly patient throughout the process. Despite being compliant with all requests within hours and paying for two valuations that cost me £2,000, my broker submitted the application in March 2022. Since then, I have been subjected to delays of 2-9 weeks for each stage that required Interbay to act.

The interruption of the process has been incredibly frustrating and was further compounded when, after two attempts, they managed to complete the valuation report in July 2022, only to have received a mortgage offer on 16th November 2022 - five months later.

In order to progress the transaction, and expedite the process, I paid the conveyancers a further £4,000 for dual representation. Despite the conveyancing company doing all they could to move the process forward, Interbay has continued to delay and slow the process down even further. To make matters worse, the valuation report expired on the 18th of January 2023. The mortgage offer was made 5 months into the valuation, the delays from Interbay exhausted the valuation report by 5 months. Due to the Christmas period and one month remaining, it was impossible to complete it in time. Despite a request for a small extension well in advance, this was also ignored by Interbay.

I am extremely dissatisfied with the service provided by Interbay UK and I am now at a loss of both time and money that I cannot get back. I contacted the financial ombudsman, they are sadly unable to help either as Interbay is an unregulated operator.

UPDATE: since writing this review, interbay is now trying to get it removed through lies. They said they wrote to me. Which I am yet to receive.

I have had my fair share of domestic property sale and purchase over the last 40 years. I have never experienced a service as chaotic and shambolic as yours. You regularly seem to lose important documents, spend far too much time focussing on insignificant issues and your lack of communication is unbelievable. Your offer was made to the buyer three months ago and it has taken all of this time until yesterday to exchange and complete. The resulting delay has cost me thousands which I can ill afford. It has also affected our health because of the unnecessary stress you have caused us. All of the professionals involved in the sale of my property have collectively agreed that they will refuse to deal with any client, whether sale or purchase, who is using you as a lender. I will also ensure, through any means available to me, to make anyone aware of how appalling your service is. Frankly I am surprised you are still in business.

I cannot begin to describe how bad the experience was.
Endless delays, endless feeble excuses, endless broken promises.

Waited months

Waited months for a mortgage, then they said it did not comply with there regulation although it clearly states on the website the value of the property must be a certain amount which the valuation came back with. Made every excuse possible and even the complains department don't respond within a decent time frame was told august and it's now december. Paid admin fees and valuation fees not happy.

Avoid avoid avoid started application in February extremely slow! Eventually made a loan offer in September 2022 paid out in excess of £6000 in fees etc only to have unreasonable clauses put on the loan the week before completion which we were unable to sort out in the time frame even though they had all the paperwork in February they hadn’t looked at till December if you want to loose a lot of money and have tones of stress use Interbay!

AVOID LIKE THE PLAGUE ! AT ALL COSTS !

Amazing firm to deal with, i have a mortgage with them and application was amazing then