Gatehouse Bank has cut rates across its range of buy-to-let products.
The reductions apply to the bank’s two-year and five-year fixed rate products that are available immediately today to UK residents, UK expats, international residents and corporate entities.
For UK residents, the two-year and five-year fixed rate buy-to-let products see their rates fall by 0.46 and 0.40 percentage points respectively. This has taken the new rate to 3.29% for a two-year fixed, and 3.89% for the five-year fixed. The products for UK residents offer up to 80% Finance-to-Value (FTV), with no early payment charges.
The two-year fixed for UK expats has been cut by 0.40 percentage points to 3.89%, while the five-year fixed has been reduced by 0.34 percentage points to 4.45%. Both are available up to 75% FTV.
Meanwhile, the reductions for international residents mean a two-year fixed is now 4.14% (reduced by 0.40 percentage points) and a five-year fixed is 4.69% (down by 0.35 percentage points).
Gatehouse’s buy-to-let products can cater for single units or for portfolios up to £5 million, including Houses in Multiple Occupation (HMOs) and Multi-Unit Freehold Blocks (MUFBs).
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 ank owns.
The bank also offers Home Purchase Plans (HPP) — a Shariah-compliant alternative to a traditional mortgage.
Paul Stockwell, chief commercial officer of Gatehouse Bank, said: “We have seen strong appetite for our buy-to-let 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 buy-to-let 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.”