Gatehouse Bank announces rate reductions on Buy-to-Let and Home Purchase Products
The bank has cut rates on its BTL product range for UK residents and UK expats by up to 0.45 per cent. The reductions apply to those buying as individuals or through corporate entities and include Houses in Multiple Occupation (HMO) and Multi-Unit Freehold Blocks (MUFBs).
The 0.45 per cent reduction is available to UK residents and corporate entities taking BTL finance fixed for five years up to 65 per cent FTV. This results in a 3.99 per cent rate for finance amounts below £500,00 and 3.79 per cent for amounts above £500,000.
BTL finance now starts at 3.39 per cent for a two-year fixed up to 65 per cent FTV, for UK landlords while a two-year fix for UK expats starts at 3.49 per cent.
Rate reductions of up to 0.31 per cent have also been applied to Gatehouse’s HPP products, which are available to UK residents, UK expats and international residents.
The 0.31 per cent reduction for HPP is available to international residents taking finance fixed for two years with an FTV up to 75 per cent. This results in a 4.09 per cent rate for finance amounts below £500,000 and 3.89 per cent for amounts above £500,000. Rates for international residents now start from 3.79%.
HPP finance now starts at 3.19 per cent for a two-year fixed at 65 per cent FTV available to UK residents — a reduction of 0.25 per cent. Rates on HPP for finance above 80 per cent FTV remain unchanged.
John Mace, Product Manager at Gatehouse Bank, said: “We are delighted to introduce this latest round of rate reductions across the majority of our Buy-to-Let and Home Purchase Plan products.
“Islamic home finance remains a growing force in the UK and these changes will enhance our competitiveness at a time when life is slowly returning to normal.”
As a Shariah-compliant ethical finance provider, Gatehouse Bank’s BTL and HPP 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.
Notes to Editors:
*As a Shariah-compliant bank, Gatehouse charges rental rates rather than interest rates.