Gatehouse Bank has announced a series of changes across its Shariah-compliant Home Purchase Plan (HPP) and buy-to-let (BTL) product lines, including a 0.50% reduction to its standard variable rate (SVR).
The reduction applies to both HPP and BTL purchase plans and reflects wider market trends, according to the bank.
In addition, the rental rates on both standard and green two-year fixed term BTL products for overseas residents have been cut by 0.10%. The green home finance range, which applies to properties with an EPC rating of A or B, also includes carbon offsetting for emissions generated during the fixed term.
The bank has also broadened its lending criteria and will now consider international resident applicants for buy-to-let finance on Houses in Multiple Occupation (HMOs), expanding access to specialist finance for landlords based abroad.
Gatehouse Bank’s HPP and BTL products are available to UK residents, UK expats, and international residents financing properties in England and Wales.
Gemma Donnelly, head of customer propositions at Gatehouse Bank, said: “At Gatehouse Bank, our primary goal is to help more people seeking Shariah-compliant finance achieve their aspirations.
“Following wider market trends, we are thrilled to be introducing today’s product changes, which have been designed to make our products more accessible for our customers, both in the UK and overseas.”
