Gatehouse Bank has cut rates on the majority of its buy-to-let and Home Purchase Plan (HPP) products.
The bank has cut rates on its buy-to-let product range for UK residents and UK expats by up to 0.45 percentage points. 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 percentage point reduction is available to UK residents and corporate entities taking buy-to-let 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.
Buy-to-let 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 percentage points have also been applied to Gatehouse’s HPP products, which are available to UK residents, UK expats and international residents.
The 0.31 percentage point 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 percentage point. 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.”