Gatehouse Bank has reduced rental rates by 0.25% across its full range of buy-to-let (BTL) Purchase Plans available for UK residents.
The changes apply across standard and green 2-year and 5-year fixed term products, as well as for customers seeking finance for houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).
Gatehouse Bank currently accepts applications for these products from individuals as well as UK-registered SPV limited companies.
Following today’s updates, the bank’s rental rates on 2-year and 5-year BTL products for UK residents start from 5.39% and 5.65%, respectively.
The bank has also streamlined the application process for UK BTL customers.
There is now no minimum income requirement for those who are self-financing and, where the applicant is already an owner-occupier, less documentation is needed.
Documentation requirements have also been eased for applications using gifted deposits and intercompany loans are now accepted as a valid deposit source.
These changes are expected to significantly improve accessibility and reduce barriers for a wider range of customers.
Gemma Donnelly, head of customer propositions at Gatehouse Bank, said: “We are constantly reviewing our home finance products to ensure they are best meeting the needs of our customers and brokers and that they remain in line with the rest of the market.
“Today’s changes make the process simpler and more efficient whilst ensuring our products remain competitive and support those looking to purchase investment properties with us.”
