Gatehouse Bank has opened up its BTL range to both first-time buyers and first-time landlords.
The changes implemented by the specialist bank — which has also widened its eligibility criteria for both BTL and home purchase plan (HPP) customers — will improve the likelihood of UK contractors being approved for BTL products.
Highlights of the criteria changes included:
- a reduction in the minimum property value from £75,000 to £55,000 for HMOs and multi-unit freehold blocks (MUFBs) for UK BTL applicants
- an increased maximum term for BTL products from 15 years to 25 years for UK expats and international residents on a rent-only basis
- an improved eligibility criteria for HPP customers — 100% of workers’ guaranteed bonuses, overtime and housing allowance are now taken into account
- a reduction in the minimum property value for UK expats using HPPs from £100,000 to £95,000
“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,” said Charles Haresnape, CEO at Gatehouse Bank (pictured above).
“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.”
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