Gatehouse Bank announces rate reductions on buy-to-let
Gatehouse Bank has today reduced rates on the majority of its Buy-to-Let (BTL) and Home Purchase Plan (HPP) products.
The bank has cut rates on its BTL product range for UK residents and UK expats by up to 0.45%. The reductions apply to those buying as individuals or through corporate entities and include Houses in Multiple Occupation (HMO) and Multi-Unit Freehold Blocks (MUFBs).
The 0.45% reduction is available to UK residents and corporate entities taking BTL finance fixed for five years up to 65% FTV. This results in a 3.99% rate for finance amounts below £500,00 and 3.79% for amounts above £500,000.
BTL finance now starts at 3.39% for a two-year fixed up to 65% FTV, for UK landlords while a two-year fix for UK expats starts at 3.49%.
Rate reductions of up to 0.31% have also been applied to Gatehouse’s HPP products, which are available to UK residents, UK expats and international residents.
The 0.31% reduction for HPP is available to international residents taking finance fixed for two years with an FTV up to 75%. This results in a 4.09% rate for finance amounts below £500,000 and 3.89% for amounts above £500,000. Rates for international residents now start from 3.79%.
HPP finance now starts at 3.19% for a two-year fixed at 65% FTV available to UK residents — a reduction of 0.25%. Rates on HPP for finance above 80% FTV remain unchanged.
John Mace, product manager at Gatehouse Bank, said: “We are delighted to introduce this latest round of rate reductions across the majority of our Buy-to-Let and Home Purchase Plan products.
“Islamic home finance remains a growing force 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.
Gatehouse’s BTL products can cater for single units or portfolios up to £5m, and there is no limit on the number of properties for portfolio landlords.