Gatehouse Bank Announces Rental Rate Reductions on Buy-to-Let and Home Purchase Products
- Rental rate reductions of 0.50 percent announced on Gatehouse Bank’s entire Buy-to-Let and Home Purchase Plan range for new customers.
- Retention products offering a 0.25 percent discount compared to new business.
- Minimum finance amount reduced to £75,000 per property.
Gatehouse Bank has today announced a rental rate reduction on its range of Buy-to-Let (BTL) and Home Purchase Plan (HPP) products.
The Bank has cut rates on its Buy-to-Let product range for new customers by 0.50 percent. Available to UK residents, UK Expats and international residents, these reductions apply to those buying as individuals or through UK registered corporate entities and includes Houses in Multiple Occupation (HMO) and Multi-Unit Freehold Blocks (MUFB).
A rate reduction of 0.50 percent for new customers has also been applied to Gatehouse Bank’s entire Home Purchase Plan range, which is also available to UK residents, UK Expats, and international residents.
For UK residents, Buy-to-Let finance now starts at 6.14 percent for a two-year fixed term, up to 65 percent FTV, while HPP finance rates now start at 5.99 percent for a two-year fixed term, up to 65 percent FTV. Gatehouse Bank also considers financing up to 80 percent FTV.
At the same time, Gatehouse Bank has also reduced the minimum finance amount on all products to £75,000 per property, down from £100,000 previously.
For existing BTL and HPP customers coming to the end of their current fixed term and transferring to a new fixed term product, rental rates have also been reduced, with customers receiving a 0.25 percent discount compared to new business. This change has been designed to help existing customers with the ‘payment shock’ caused by several increases in Bank Base Rate over the last year.
John Mace, Senior Product Manager at Gatehouse Bank, commented: “We are delighted to introduce these rental rate reductions across our Buy-to-Let and Home Purchase Plan products. The additional reduction for existing customers has been designed to provide additional support for our customers who are coming off low fixed term products they took out several years ago.
“As Shariah-compliant alternatives continue to gain popularity in the UK, these changes will enhance our competitiveness as the property market slowly becomes more favourable for buyers in some areas.”