Gatehouse Bank reduces buy-to-let rates
Gatehouse Bank has reduced rates
across its range of buy-to-let (BTL) products.
The reductions
apply to the Bank’s 2 year and 5 year fixed rate products that are available
immediately today to UK residents, UK expats, International residents and corporate entities.
Gatehouse entered
the BTL market at the start of 2018 and has seen growing demand from
customers attracted to its human approach to underwriting.
For UK residents,
the 2 year and 5 year fixed rate BTL products today see their rates fall by 0.46% and 0.40% respectively. This
has taken the new rate to 3.29%
for a 2 year fixed, and 3.89%
for the 5 year fixed. The products for UK Residents offer up to 80%
Finance-to-Value (FTV), with no early payment charges.
The 2 year fixed
for UK expats has been cut by 0.40%
to 3.89%,
while the 5 year fixed has been reduced by 0.34% to 4.45%. Both are available up to 75% FTV.
Meanwhile, the
reductions for International residents mean a 2 year fixed is now 4.14% (reduced by 0.40%) and a 5 year fixed is 4.69%
(down by 0.35%).
Gatehouse’s BTL
products can cater for single units or for portfolios up to £5m,
including houses in multiple occupation and multiunit greehold blocks.
Gatehouse is a
Shariah-compliant Bank, and does not charge interest. Instead the Bank and
customer are joint owners of the property and the customer pays rent on the
share of the property that the Bank owns.
The Bank also
offers home purchase plans – a Shariah-compliant alternative to a
traditional mortgage.
Paul
Stockwell, chief commercial officer of Gatehouse Bank, said:
“We have seen strong
appetite for our BTL products and delighted to now further reduce rates
across our range.
“We take a human
approach to our applications process, meaning a computer does not have the
final say on whether we approve someone for a BTL product or not.
“This has proved
to be particularly attractive to the UK expat community who are very much
underserved by the wider market and can take advantage of our flexibility to
secure the finance they deserve.”