Gatehouse Bank has reduced rental rates* by 0.25% across its full range of BTL 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 MUFBs.
The bank 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 intercompany loans are now accepted as a valid deposit source.
Gemma Donnelly, head of customer propositions at Gatehouse Bank, commented: “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.
“These changes make the process simpler and more efficient while 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 reflect the share of the property the customer owns — rather than interest rates.
