Gatehouse Bank has introduced 75% Finance to Value (FTV) limits on its buy-to-let and home purchase plan products.
The latest update follows the bank’s decision to reduce its maximum FTV to 65% on 1 April, due to difficulties in gaining physical valuations during the lockdown.
A change in lockdown conditions in England, however, means that physical valuations can recommence, and Gatehouse added that finance can again be offered for new builds, houses in multiple occupation (HMO), multi-unit freehold blocks (MUFBs) and apartment buildings with more than six storeys in this part of the UK. The maximum FTV for HMOs and MUFBs is 70%.
Gatehouse stated that the changes also mean any applications submitted before the lockdown in March for finance between 65% and 75% FTV will proceed, and that new applications can be made up to the 75% FTV limit.
FTV is the Shariah-compliant equivalent of Loan to Value (LTV) for conventional mortgages.
Gatehouse director of home finance distribution, Roger Evans, commented: “We are pleased to be able to offer 75% FTV products at competitive rates for UK, expat and international customers.
“The return of physical valuations also means that we are now able to also welcome new applications up to 75% FTV for new builds and apartment buildings above six storeys and 70% FTV for HMOs and MUFBs. We have seen considerable demand from these specialist markets since launching our initial Home Finance proposition in 2018.
“Customers who applied for finance between 65% and 75% FTV, who have not had a valuation carried out, will see their applications proceed in earnest.”
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