Intermediary News

8 more reasons to use Gatehouse Bank!

We are pleased to advise that we have made a number of enhancements to our Buy-to-Let (BTL) and Home Purchase Plan (HPP) criteria.

Key highlights include:

Buy-to-Let criteria for UK Expats and International residents

  • Finance to value increased to 80%, up from 75%.
  • Minimum finance amount reduced to £60,000, down from £75,000.
  • Maximum age increased to 99 years at the end of the finance term from 85 years previously (for cases where there is reliance on income to support the affordability, the maximum age is 85).
  • Provision of bank statements for Expats reduced to 3 months from 12 months, and for International residents reduced to 6 months from 12 months (conditions apply).
  • Refinancing now allowed within 6 months of purchase, subject to extended underwriting checks.
  • Minimum property value reduced to £75,000, down from £100,000.
  • ‘Communications’ defaults up to a maximum of £300 now excluded from credit checks.
  • Moving forward we will not be assessing income and expenditure on self-financing Buy-to-Let applications.

The changes to bank statements do not change our approach on high risk jurisdictions or where additional information is requested to support the application. A list of countries from which we will and will not consider finance applications can be found on the Bank’s website:
Home Finance Applications – Country Checklist
.

Buy-to-Let criteria for UK residents

  • Maximum age increased to 99 years at the end of the finance term years from 85 years (for cases where there is reliance on income to support the affordability, the maximum age is 85).
  • Refinancing now allowed within 6 months of purchase, subject to extended underwriting checks.
  • ‘Communications’ defaults up to a maximum of £300 now excluded from credit checks.

Home Purchase Plan criteria

  • Refinancing now allowed within 6 months of purchase, subject to extended underwriting checks.
  • ‘Communications’ defaults up to a maximum of £300 now excluded from credit checks.

View criteria here