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Gatehouse Bank cuts buy-to-let rates

Michael Lloyd

January 8, 2020

BTL

Gatehouse Bank has cut the rental rates on its entire buy-to-let range.

The largest rate reduction of 0.70% has brought the 5-year fixed term for international residents, which includes individuals and corporates, down to 3.99%.

The 2-year fixed rental rate for these landlords has been reduced by 0.24% to 3.90%.

Paul Stockwell, chief commercial officer at Gatehouse Bank, said: “Last year we made our buy-to-let products more accessible by cutting rental rates and improving our eligibility criteria, and we are delighted to follow this up by further reducing our rental rates across the board.

“Our products have proved particularly popular with UK expats, who benefit from our manual underwriting process and the flexibility this offers.

“We will continue to review our product offering and remain totally committed to taking the time to fully understand each customer’s individual circumstances to make informed financing decisions.”

The reductions apply to all of the bank’s buy-to-let, houses of multiple occupancies (HMO) and multi-unit freehold blocks (MUFB) products.

These are available to UK residents, UK expats and international residents buying individually or through corporate entities.

For UK residents, the 2-year fixed term buy-to-let product has had its rental rate cut by 0.10% to 3.19% and the 5-year fixed term buy-to-let deal has seen its rental rate drop by 0.24% to 3.65%.

The products for UK residents are available at up to 80% finance-to-value (FTV).

For UK expats, the 2-year fixed term is now 3.75%, down by 0.14%, and the 5-year fixed term is 3.99%, down by 0.46%.

Similar reductions are available for those UK expats and international residents investing in HMO and MUFB products which are available up to 75% FTV.

As a Shariah-compliant finance provider, all of Gatehouse Bank’s buy-to-let products carry no early payment charges.

Gatehouse’s buy-to-let products can cater for single units or portfolios up to £5m and there is no limit on the number of properties for portfolio landlords.


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