Gatehouse Bank increases Finance to Income* ratios across all Home Purchase Plan products

Gatehouse Bank has today announced it has increased its Finance to Income (FTI) ratios across its Home Purchase Plans (HPP)**, with customers now able to apply for residential property finance up to six times their gross income.

The newly enhanced ratios will be available to all customers, including UK residents, UK expats and international residents, who are looking for residential property finance for a property in England or Wales. The ratios available are determined based on gross household income and finance-to-value (FTV)*** figures and are subject to affordability assessment checks and policy criteria.

Income band (application)	FTV up to 80%	FTV 80.01% up to 90% FTV	FTV from 90.01% upwards
Up to £34,999	4.49x	4.49x	4.49x
£35,000 - £49,999	5x	4.49x	4.49x
£50,000 - £74,999	5.5x	5x	4.49x
More than £75,000	6x	5.5x	4.49x

Gemma Donnelly, Head of Customer Propositions at Gatehouse Bank, said: “Helping as many people as possible to access, or move up, the property ladder is a key focus for us at Gatehouse Bank.

“Whether our customers are a first-time buyers or current homeowners looking to refinance an existing property, today’s changes will ensure that there are more options available to those who need them.”

A full list of Gatehouse Bank’s Home Purchase Plans is available here.

*Finance to Income (FTI) is the amount of finance available expressed as a multiple of gross annual household income, which may be referred to as loan-to-income (LTI) in conventional finance.

**A Home Purchase Plan is a Shariah-compliant alternative to a mortgage.

***Finance to Value (FTV) is the amount of finance expressed as a percentage of the property valuation, which may be referred to as loan-to-value (LTV) in conventional finance.