Gatehouse Bank reduces rental rates on BTL products for UK expats and international residents
Gatehouse Bank has today announced rental rate* reductions across its full range of buy-to-let (BTL) products for UK expats and international residents, for both new and existing customers.
Rental rates have been reduced by 0.22% on all standard and green two-year and five-year fixed term products for individual applicants as well as UK-registered SPV** Limited Companies. This also applies to those seeking Houses in Multiple Occupation (HMOs) and Multi-Unit Freehold Blocks (MUFBs).
Today’s news follows previous rental rate reductions on a selection of the Bank’s Home Purchase Plans (HPP)*** and BTL products for UK Residents.
Gemma Donnelly, head of customer propositions at Gatehouse Bank, commented: “At Gatehouse Bank, we know how important it is to ensure our customers are receiving a competitive rental rate when purchasing a property. Due to market trends, we’re really pleased to be able to pass on these reductions to our customers who reside overseas.
“Today’s product updates will improve affordability for prospective and existing Buy-to-Let landlords and allow even more people to achieve their individual property ownership goals.”
*As a Shariah-compliant bank, Gatehouse charges rental rates rather than interest rates, which reflect the share the customer owns of the property.
**A Special Purpose Vehicle (SPV) is a company structure set up for a given purpose, with its own assets and liabilities and its own legal status. Within property investment they are formed for purchasing and holding residential buy to lets or for property development.
***A Home Purchase Plan is a Shariah-compliant alternative to a mortgage.