Shariah-compliant lender Gatehouse Bank hasannounced a rental rate reduction of 0.25% across its full range of Buy To Let purchase plans available for UK residents.
The changes apply on standard and green two-year and five-year fixed term products, as well as for customers seeking finance for HMOs and Multi-Unit Freehold Blocks (MUFBs).
Following the updates, the bank’s rental rates on two-year and five-year BTL products for UK residents start from 5.39% and 5.65%, respectively.
Gatehouse has also streamlined the application process for UK BTL customers. There is now no minimum income requirement for those who are self-financing and, where the applicant is already an owner-occupier, less documentation is needed.
Documentation requirements have also been eased for applications using gifted deposits and inter-company loans are now accepted as a valid deposit source. These changes are expected to significantly improve accessibility and reduce barriers for a wider range of customers.
A spokesperson says: “We are constantly reviewing our home finance products to ensure they are best meeting the needs of our customers and brokers and that they remain in line with the rest of the market. Today’s changes make the process simpler and more efficient whilst ensuring our products remain competitive and support those looking to purchase investment properties with us.”
As a Shariah-compliant bank, Gatehouse charges rental rates which reflects the share the customer owns of the property rather than interest rates.
