Gatehouse Bank announces rate reductions across entire Buy-to-Let range
Gatehouse Bank has today reduced rates on its entire Buy-to-Let (BTL) product range.
The reductions apply to all the bank’s BTL products, including Multi-Unit Freehold Blocks (MUFB) and its recently relaunched finance options for Houses in Multiple Occupation (HMO).
The changes apply to all types of buyer, including UK residents, UK expats and international residents, whether buying as individuals or through corporate entities.
Paul Stockwell, Chief Commercial Officer at Gatehouse Bank, said: “We are delighted to make our Buy-to-Let products even more accessible to customers by cutting rates across our entire range.
“We have taken significant steps to improve our eligibility criteria in recent years, and we remain committed to our manual underwriting process, aiding customers who sometimes struggle to access finance.
“Our commitment to treating every customer on an individual basis has proved particularly beneficial to UK expats, and we’re also very pleased to offer reduced rates on HMO and MUFB products.”
For UK residents buying as individuals, rates for the bank’s two-year fixed term BTL product have been reduced by 0.25 per cent, with the new rates standing at 3.49 per cent for 65 per cent Finance to Value (FTV), and 3.69 per cent for 80 per cent FTV. FTV is the Shariah-compliant equivalent of Loan-to-Value (LTV).
Rates for the five-year fixed term BTL products have also decreased, dropping by 0.35 per cent to 3.85 per cent for a 65 per cent FTV, and by 0.34 per cent to 4.05 per cent for 80 per cent FTV.
Rates for UK corporations are now the same as for individuals, with reductions of 0.51 per cent made for two-year fixed rates, and 0.60 per cent for the five-year fixed products.
The most significant reductions apply to UK expats, either buying as an individual or corporation, where the new BTL rental rate for a two-year fixed term is 3.69 per cent, a fall of 0.61 per cent at 65 per cent FTV.
International residents and corporations also benefit from a 0.50 per cent reduction on Gatehouse’s BTL products, including HMOs and MUFBs. The best rate for a two-year fixed BTL is 4.19 per cent up to 65 per cent FTV, rising to 4.39 per cent for a five-year fixed rate (at up to 65 per cent FTV). The bank also has rates up to 80 per cent FTV.
Similar reductions are available for UK residents, (UK) expats, and international residents investing in HMO and MUFB products which are available up to 75 per cent FTV.
Click here for the full Gatehouse Bank BTL product tables.
As a Shariah-compliant ethical finance provider, all of Gatehouse Bank’s BTL products do not carry any early payment charges.
Gatehouse’s BTL products can cater for single units or portfolios up to £5m, and there is no limit on the number of properties for portfolio landlords.