GB Bank has added its core BTL range to Iress’ Xplan Mortgage sourcing system.
This will give intermediaries faster access to the bank’s off-the-shelf, simplified products.
This range includes two, three and five-year fixed rates, with LTV options available between 65% and 75%. Rates start from 4.94%, with loans available from £500,000 to £3m, and a 0.75% procuration fee payable to brokers.
Affordability is assessed on 125% interest cover ratio for basic rate taxpayers, limited companies or SPVs, 145% for higher rate taxpayers and 130% for foreign nationals and expats, and top-slicing can also be considered.
The range is available to first-time landlords, professional landlords, limited companies and SPVs. The bank will also consider houses in multiple occupation HMOs, MUFBs and mixed-use properties.
Criteria for foreign national and expat clients includes lending to worldwide residents, subject to exclusions, with no UK residency required and no minimum income or UK property ownership requirement, however a UK bank account is required.
“By adding these products to Xplan Mortgage, we’re making our proposition more visible and easier to source, while still giving brokers access to the flexible, pragmatic approach that sits at the heart of GB Bank,” said Nick Allen, head of marketing, product and proposition at GB Bank (pictured above).
"Our new range gives intermediaries the best of both worlds: the certainty of a defined product set, backed by experienced underwriters, responsive service and our ability to look at cases on their own merits.”
Joshua Hart, senior business development manager for sourcing at Iress, added: “As demand for BTL continues, brokers value greater product choice and straightforward propositions that help them find the right solutions for their clients.
“We fully support the need for simpler, clearer product options, and GB Bank’s new range will be a welcome addition to Xplan Mortgage.”
