Gatehouse Bank reintroduces top slicing for UK Expats and International Residents
London, 18th October 2024 – Gatehouse Bank has today reintroduced top slicing for UK Expats and International Residents purchasing a Buy-to-Let (BTL) property.
Top slicing, also known as income top-up, can be used in cases where the rent paid by the tenant does not exceed the monthly payment charged by the Bank by the required amount. Subsequently, the applicant’s personal income may be used to ‘top-up’ the shortfall. The Bank reintroduced top slicing for UK Residents in June of this year.
To qualify for top slicing, the minimum annual income required is £32,000 for UK Expats and £100,000 for International Residents. Both UK Expats and UK Residents now fall under one Finance Service Coverage Ratio (FSCR) banding*, with a rate of 115% applying to both individuals and limited companies. For International Residents, a 125% rate will apply.
FSCR Bandings
Applicant/Criteria |
Top-slicing FSCR Individual |
Top-slicing FSCR Limited Company |
Minimum Income Top Slicing |
UK Buy-to-Let |
115% |
115% |
£32,000 |
UK Expat |
115% |
115% |
£32,000 |
International Residents |
125% |
125% |
£100,000 |
John Mace, Senior Product Manager at Gatehouse Bank, commented: “Today’s announcement is a natural next step for Gatehouse Bank, following the same changes being reintroduced for UK Residents earlier this year.
“We have reintroduced top slicing for UK Expats and International Residents to ensure that customers seeking Shariah-compliant Buy-to-Let products have a wider range of options.”
A full list of Gatehouse Bank’s Buy-to-Let products is available here.
*The FSCR measures the customer's ability to cover their payments based on their rental income.
-ENDS-
Notes to Editors
For more information contact:
Ashleigh Clark | E: ashleigh.clark@gatehousebank.com | M: +44 (0) 7955 273 448
About Gatehouse Bank:
Gatehouse Bank is a Shariah-compliant ethical bank, based in London, Birmingham, Milton Keynes and Wilmslow. Gatehouse Bank offers a range of ethical savings products for UK customers, as well as UK residential property finance for UK residents, UK expats and international homebuyers and landlords. Gatehouse Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority. A founding signatory to the UN Principles for Responsible Banking, Gatehouse is committed to playing its part in creating a sustainable future for all.
@gatehousebank