Gatehouse Bank has announced new cuts to the rental rates on its entire Buy-to-Let (BTL) range.
The UK bank, which offers Shariah-compliant ethical savings and BTL products that carry no early payment charges, revealed it is offering the largest reductions to international residents.
The five-year fixed term for international residents – buying individually or through corporate entities – has been reduced by 0.70% to a rate of 3.99%. The next most significant reduction is on the two-year fixed rental rate for these landlords – reduced by 0.24% to 3.90%.
Gatehouse said the latest reductions will apply to all its BTL, houses of multiple occupancies (HMO) and multi-unit freehold blocks (MUFB) products – available to UK residents and expats, alongside international residents.
For UK residents, the rental rates on the bank’s two and five-year fixed term BTL products have been cut by 0.10% to 3.19% and by 0.24% to 3.65% respectively. For UK expats, the two-year fixed term is now 3.75% – down by 0.14% – and the five-year fixed term has been cut by 0.46% to 3.99%.
Furthermore, Gateway announced that similar reductions will be available for UK expats and international residents investing in HMO and MUFB products available up to 75% Finance to Value.
Gateway chief commercial officer, Paul Stockwell, commented: “Last year we made our BTL products more accessible by cutting rental rates and improving our eligibility criteria, and we are delighted to follow this up by further reducing our rental rates across the board.
“Our products have proved particularly popular with UK expats, who benefit from our manual underwriting process and the flexibility this offers.
“We will continue to review our product offering and remain totally committed to taking the time to fully understand each customer’s individual circumstances to make informed financing decisions.”
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