"Following the reintroduction of top slicing earlier this year, we hope that these additional product and criteria changes will help more UK Residents, UK Expats and International residents seeking to purchase a property in the UK"
- Gemma Donnelly - Gatehouse Bank
Gatehouse Bank has announced a series of product and criteria changes on its range of buy-to-let purchase plans for UK residents, UK expats and international residents.
The Bank has launched new reduced two-year and five-year fixed term BTL products, for those seeking a minimum finance amount of £500,000. An equivalent green home finance option has also been introduced, where customers acquiring or refinancing a property with an EPC rating of A or B qualify for a 0.10% reduction on the standard rental rate. Gatehouse Bank will also offset the carbon emissions generated by the average UK property for the product’s initial fixed term.
Criteria changes
Gatehouse Bank has also reduced the minimum annual income required for International Residents to qualify for top slicing from £100,000 to £50,000. For UK Residents and UK Expats, this figure remains at £32,000. The new minimum Finance Service Coverage Ratio bandings for top slicing start from 110% for UK and Expat customers and from 115% for International customers.
Additionally, Gatehouse Bank has increased the offer validity period for new build properties to six months, which applies to Home Purchase Plans and Buy-to-Let Purchase Plans.
Gemma Donnelly, Head of Customer Propositions at Gatehouse Bank, commented: “As a supplier of Shariah-compliant, ethical home finance products, we are always looking for ways to enhance our offering and make our products available to a wider range of people, regardless of their faith.
“Following the reintroduction of top slicing earlier this year, we hope that these additional product and criteria changes will help more UK Residents, UK Expats and International residents seeking to purchase a property in the UK.”
