Gatehouse Bank increases maximum finance amount on Home Purchase Plan Products

Gatehouse Bank has today increased the maximum finance amount on its Home Purchase Plans (HPPs) to £5million to bring them in line with its Buy-to-Let (BTL) range. This comes alongside a raft of other improvements to its BTL and HPP products.

The maximum finance available at 80 per cent finance-to-value (FTV) across both the Bank’s HPP and BTL ranges has doubled from £1million to £2million. In addition, maximum finance available at 75 per cent FTV for HPP has increased from £2.5million to £3million.

A new BTL FTV tier of 75 per cent FTV has been introduced for UK Residents, UK Expats and International Buyers with maximum finance to match its HPP counterparts to £3million. Existing products for Houses in Multiple Occupation (HMO) and Multi-Unit Freehold Blocks (MUFBs) at 75 per cent FTV have simultaneously been increased to £3million, up from £1million previously.

For finance above £3million, both HPP and BTL products will now have a maximum of 70 per cent FTV.

The changes mean Gatehouse’s HPP and BTL products carry the same maximum finance amount at each FTV tier, without any change to rental rates. This will simplify the information and application process for brokers and customers.

UK homebuyers with a smaller deposit, have access to funding of between £100,000 and £500,000 using one of the Bank’s 90 per cent or 95 per cent FTV products, the latter only available to first-time buyers.

New Gatehouse Bank BTL maximum financing limits

Product/Applicant Type	Max FTV £2m	Max FTV £3m	Max FTV £5m
UK & UK Expat BTL	80%	75%	70%
UK & UK Expat HMO/MUFB	-	75%	70%
International BTL	80%	75%	70%
International MUFB	-	75%	70%

New Gatehouse Bank HPP maximum financing limits:

Product/Applicant Type	Max FTV £2m	Max FTV £3m	Max FTV £5m
UK Resident	80%	75%	70%
UK Expat	80%	75%	70%
International Resident	80%	75%	70%

John Mace, Product Manager at Gatehouse Bank, said:

“Increasing the maximum finance amounts available on our HPP and BTL products further improves our home finance range. The changes align our HPP and BTL products making it easier for brokers and customers alike.

“Islamic home finance continues to grow 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.

Click here for the full Gatehouse Bank BTL product tables and here for the HPP product tables.