Gatehouse Bank has launched new reduced 2-year and 5-year fixed term buy-to-let products and made a series of product and criteria changes on its range of buy-to-let (BTL) Purchase Plans for UK Residents, UK Expats and International Residents.
An equivalent green home finance option has also been introduced, where customers acquiring or refinancing a property with an EPC rating of A or B qualify for a 0.10% reduction on the standard rental rate.
Gatehouse Bank will also offset the carbon emissions generated by the average UK property for the product’s initial fixed term.
Gatehouse Bank has also reduced the minimum annual income required for International Residents to qualify for top slicing from £100,000 to £50,000.
FINANCE SERVICE COVERAGE RATIO
For UK Residents and UK Expats, this figure remains at £32,000. The new minimum Finance Service Coverage Ratio (FSCR) bandings for top slicing start from 110% for UK and Expat customers and from 115% for International customers.
The Bank has also increased the offer validity period for new build properties to six months, which applies to Home Purchase Plans and Buy-to-Let Purchase Plans.
ENHANCED OFFERING
Gemma Donnelly, Head of Customer Propositions at Gatehouse Bank, says: “As a supplier of Shariah-compliant, ethical home finance products, we are always looking for ways to enhance our offering and make our products available to a wider range of people, regardless of their faith.
“Following the reintroduction of top slicing earlier this year, we hope that these additional product and criteria changes will help more UK Residents, UK Expats and International residents seeking to purchase a property in the UK.”
