Gatehouse Bank has reduced the minimum finance amount for its home purchase plans (HPPs) and buy-to-let (BTL) range from £100,000 to £75,000.
This will apply to all customers including UK residents, UK expats and international residents, and also applies to purchases of HMOs and MUFBs.
Gatehouse also confirmed it has improved its application criteria for BTL customers by removing the requirement for a minimum income of £18,000.
Landlords who already own a BTL property will no longer require a minimum income for most of the bank’s BTL products if the property’s rental income exceeds the monthly finance payment at the applicable finance service coverage ratio.
These changes come just a few weeks after the bank increased the maximum finance amount on its HPPs to £5m, to bring them in line with its BTL products.
Gatehouse Bank product manager, John Mace, added: “The UK property market remains incredibly buoyant despite recent rises in the Bank of England Base Rate and these improvements ensure our offering continues to be very competitive and more accessible to homebuyers.
“This comes just a couple of weeks after we increased the maximum finance level of our HPP products to £5m and increased the amount we will finance at 80% FTV from £1m to £2m for both homebuyers and landlords.”
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