Gatehouse Bank announces rate reductions across entire Buy-to-Let range
- Reductions made to all two year and five year fixed term BTL products for UK Residents, UK Expats and International Residents
- 0.70% reduction applied to five year fixed term for International Residents
- BTL five year fixed rental rates for UK Expats and International residents reduced to 3.99%
Gatehouse Bank has today cut the rental rates on its entire Buy-to-Let (BTL) range, offering the largest reductions to International Residents.
As part of the latest changes, the most significant rate reduction of 0.70% has brought the five year fixed term for International Residents (individual and corporate) down to 3.99%. The two year fixed rental rate for these landlords has been reduced by 0.24% to 3.90%.
Today’s reductions apply to all of the Bank’s BTL, Houses of Multiple Occupancies (HMO) and Multi-Unit Freehold Blocks (MUFB) products, which are available to UK Residents, UK Expats and International Residents buying individually or through corporate entities.
For UK Residents, the two year fixed term and five year fixed term BTL products see their rental rates cut by 0.10% to 3.19% and 0.24% to 3.65% respectively. The products for UK Residents are available at up to 80% Finance to Value (FTV).
For UK Expats, the two year fixed term is now 3.75% (down by 0.14%) and the five year fixed term is 3.99% (down by 0.46%).
Similar reductions are available for those UK Expats and International Residents investing in HMO and MUFB products which are available up to 75% FTV.
As a Shariah finance-compliant provider, all of Gatehouse Bank’s BTL products carry no early payment charges.
Click here for the full Gatehouse Bank BTL product tables.
Gatehouse’s latest changes come after the Bank made several improvements to its BTL range over the last 12 months, including other rental rate reductions, improving its eligibility criteria to open products up to first-time buyers and new landlords. It also expanded its manual underwriting process to make it easier for contractors to qualify.
Gatehouse’s BTL products can cater for single units or portfolios up to £5 million, and there is no limit on the number of properties for portfolio landlords.
Paul Stockwell, Chief Commercial Officer at Gatehouse Bank, said:
“Last year we made our Buy-to-Let products more accessible by cutting rental rates and improving our eligibility criteria, and we are delighted to follow this up by further reducing our rental rates across the board.
“Our products have proved particularly popular with UK Expats, who benefit from our manual underwriting process and the flexibility this offers.
“We will continue to review our product offering and remain totally committed to taking the time to fully understand each customers individual circumstances to make informed financing decisions.”