Updated criteria for discounted family purchases and overseas income affordability

We have amended our criteria for Home Purchase Plan (HPP) customers who are buying a home below market value from a family member. From today, HPP customers can use the discount on the home as their deposit, up to a maximum finance-to-value (FTV) of 75%.

Please note that this is still dependent on customers independently meeting our standard affordability criteria and a surveyor confirming the property’s true market value.

In addition, we have reviewed how we assess affordability for HPP customers who earn income in a foreign currency. We will now be taking a tiered approach based on currency foreign exchange (FX) stability.

In practice, this means that customers in around 75 countries (including the UAE, Hong Kong, Singapore and the US) will continue to have no reduction applied on their income. For more information, please speak to your Gatehouse Bank Business Development Manager.

View our HPP criteria here.

***Don’t forget – UK payment account now available for your overseas customers***

Your customers residing overseas can also apply for a UK payment account with Algbra as part of their Buy-to-Let application – all in one place, with no extra steps.

Need a refresher? We’ve got guides to help:

• Intermediary information guide - includes a step-by-step guide other key detail
• Customer information guide – prepared for you to share with your customers.

You can view our current service levels here.

Thank you for your continued support. We're confident access to this finance will help both your business and your customers.