Gatehouse Bank has reduced rental rates across selected Home Purchase Plans (HPP) and buy-to-let products for new and existing customers who are UK residents.
As a Shariah-compliant bank, Gatehouse charges rental rates rather than interest rates, which reflect the share the customer owns of the property.
The latest reductions cover selected standard and green two-year and five-year fixed term products for individual applicants as well as UK-registered SPV limited companies.
For UK residents seeking HPP products, rental rates have reduced by 0.25% on two and five-year fixed term products up to a maximum finance-to-value (FTV) of 80%. For UK residents and UK-registered SPV limited companies seeking buy-to-let products, rates are down by 0.10% on two-year fixed term products and 0.20% on five-year fixed term products up to 80% FTV.
In addition, Gatehouse Bank is updating its stress rates across two-year fixed term HPP and buy-to-let products to boost affordability for customers.
Gemma Donnelly, head of customer propositions at Gatehouse Bank, commented: “We are constantly reviewing our home finance products to ensure they best suit the needs of our customers and are competitive within the market.
“Today’s changes will benefit both new and existing UK customers, ultimately helping more people to achieve their homeownership goals.”
