Gatehouse Bank launches new tier of BTL and HPP products with reduced rates
The new tier, for finance of £500,000 and over, will benefit from rates* 0.20 per cent lower than the equivalent products for smaller amounts.
For example, a two-year HPP product for UK residents at 65 per cent FTV will carry a rate of 3.64 per cent if the finance amount is below £500,000, and 3.44 per cent if £500,000 or more.
Meanwhile, rates have been reduced across all of Gatehouse’s existing HPP and BTL products for UK residents, UK expats and international residents. For BTL, this applies whether buying as an individual or through a corporate entity.
John Mace, product manager for home finance at Gatehouse Bank, said: “We are always trying to find ways to expand and improve our range, and the changes we have made ensures our offering is even more accessible and competitive.”
“UK expats, who often find it difficult to access finance, will particularly benefit from our lower rental rates, in addition to our manual underwriting process, which means that we treat every customer on an individual basis.”
Gatehouse now has two tiers of BTL and HPP products. The first is for finance amounts between £150,000 and £499,999, with rates starting from 3.64 per cent for a two-year HPP deal at 65 per cent FTV and 3.64 per cent for UK landlords.
Meanwhile, rates start at 3.44 per cent for a two-year fixed HPP product with 65 per cent FTV in its new £500,000 to £2.5million range. BTL products over the same term also start at 3.44 per cent with a maximum finance amount of £5m.
Its five-year fixed BTL products at 80 per cent FTV for UK expats and international residents have fallen by 0.25 per cent to 4.34 per cent and by 0.35 per cent to 4.74 per cent, respectively.
A UK expat BTL customer requiring finance of over £500K and 80 per cent FTV fixed for 2 years will now be offered rates 0.45 per cent lower than previously at 3.94 per cent. An international BTL customer wanting the same finance amount and FTV will now save 0.55 per cent over 2 or 5 years at rates of 4.34% and 4.54% respectively.
UK expat HMO or MUFB customers requiring over £500K of finance will now be offered rates 0.45 percent to 0.55 per cent lower than previously.
HPP and BTL rates for UK customers, both individuals and corporate entities, have fallen by 0.10 per cent across its two and five-year products, at both 65 per cent and 80 per cent FTV.