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Principality reintroduces JBSP; Gatehouse ups max FTV – round-up

  • 28/05/2020
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Principality reintroduces JBSP; Gatehouse ups max FTV – round-up
Gatehouse Bank has brought its lending up to 75 per cent finance to value (FTV) on its buy-to-let and home purchase plan products.


This follows the bank’s decision to reduce its maximum FTV to 65 per cent on 1 April, due to difficulties around physical valuations during the lockdown. 

FTV is the Shariah-compliant equivalent of loan to value (LTV) for conventional mortgages. 

The maximum FTV for homes in multiple occupancy and multi-unit freehold blocks is 70 per cent. Maximum property values for buy to let have been increased to £5m and £2.5m for house purchases in England. 

Any applications submitted before the lockdown in March for finance between 65 per cent and 75 per cent FTV will be processed, and the bank is accepting new applications to the 75 per cent FTV. 

Roger Evans (pictured), director of home finance distribution at Gatehouse Bank, said: “We are pleased to be able to offer 75 per cent FTV products at competitive rates for UK, expat and international customers.  

We have seen considerable demand from these specialist markets since launching our initial home finance proposition in 2018. 


Principality brings back JBSP offering 

Principality Building Society has reintroduced its Joint Borrower Sole Proprietor (JBSP) mortgage offering which allows parents, stepparents and grandparents to help their child or grandchild with affordability. 

Up to four applicants can be accepted on the mortgage and there is no required minimum income for the application. Relatives also do not need to be on the title deeds and jointly owning the property. 

The JBSP mortgage is available for purchases through both brokers and direct, and includes a two-year fixed at 2.06 per cent and fiveyear fixed at 2.08 per cent, both at 80 per cent loan-to-value. 

Helen Lewis, national account manager at Principality Building Society, said: “It’s a challenging time for firsttime buyers not only with rising house prices but current uncertainty in the housing market due to coronavirus.  

This product offers additional support for new borrowers to overcome affordability issues and ensure they can get on the ladder as soon as possible.” 

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