Gatehouse Bank has cut the rental rates on its complete buy-to-let range, offering the largest reductions to international residents.
The most significant rate reduction of 0.70 percentage points has brought the five-year fixed term for international residents (individual and corporate) down to 3.99%.
The two-year fixed rental rate for these landlords has been reduced by 0.24 percentage points to 3.90%.
The reductions apply to all of the bank’s buy-to-let, Houses of Multiple Occupancies (HMO) and Multi-Unit Freehold Blocks (MUFB) products, which are available to UK residents, UK expats and international residents buying individually or through corporate entities.
For UK residents, the two-year fixed term and five-year fixed term buy-to-let products see their rental rates cut by 0.10 percentage points to 3.19% and 0.24 percentage points to 3.65% respectively. The products for UK residents are available at up to 80% Finance to Value (FTV).
For UK expats, the two-year fixed term is now 3.75% (down by 0.14 percentage points) and the five-year fixed term is 3.99% (down by 0.46 percentage points).
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 £5 million, and there is no limit on the number of properties for portfolio landlords.
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 customers individual circumstances to make informed financing decisions.”