Gatehouse Bank has introduced a series of criteria updates and reduced documentation requirements across selected Buy-to-Let Purchase Plans, aimed at simplifying the process for brokers and customers while maintaining responsible lending standards.
The Bank has reduced the minimum level of experience required for landlords purchasing Houses in Multiple Occupation (HMOs) and Multi-Unit Freehold Blocks (MUFBs).
Borrowers now only need a minimum of one year’s experience as a residential landlord, regardless of property type, compared with the previous requirement of two years’ experience, or one year’s experience specifically within HMO or MUFB properties.
The new criteria apply to both UK-based and overseas customers.
Gatehouse has also streamlined the process for UK Buy-to-Let customers using top slicing, a method allowing applicants to use personal income to cover shortfalls when rental income does not meet affordability thresholds.
Applicants will now typically need to provide one month of payslips and bank statements instead of three. To qualify, at least one UK-based applicant must have a minimum annual income of £32,000.
Gemma Donnelly, head of customer propositions at Gatehouse Bank, said: “We are always looking for ways to make our process simpler and more efficient for brokers and customers while still ensuring we are providing finance responsibly.
“Today’s changes will not only set us apart from other providers but will enhance the customer journey for those looking to purchase a Buy-to-Let property with us.”
