Gatehouse Bank has broadened its eligibility criteria for both buy-to-let and home purchase mortgages in a bid to lure first-time buyers looking to invest in property.
Changes implemented by the bank include cutting its minimum valuation for houses of multiple occupations and multi-unit freehold blocks in the UK from £75,000 to £55,000.
The lender also enhanced its manual underwriting processes to improve access for contractors to buy-to-let mortgages and will take their full income into account.
Charles Haresnape, CEO of Gatehouse Bank, commented: “We are continually reviewing every aspect of our buy-to-let and home purchase plan ranges, from the rates through to the small print.
“We will continue to expand the audience for our products and endeavour to better serve those customers who find it difficult to access finance elsewhere.
"Our human approach coupled with smart technology allows us to individually assess applications, meaning we can take all our customers’ finances into account, and no one is turned away just because the computer says no.”