This will apply to all customers including UK residents, expats and international residents. It also includes the purchases of homes in multiple occupancy (HMOs) and multi-unit freehold blocks (MUFBs).
Gatehouse has also updated buy-to-let criteria meaning landlords will no longer require a minimum income of £18,000 if the applicant already owns a buy-to-let property and the rental income exceeds the monthly finance payment at the finance service charge ratio (FSCR).
If an applicant is a first-time buyer as well as a first-time landlord, they will need to demonstrate a minimum income of £15,000.
Evidence of this level of income will also be required of all applicants if the rental income does not meet the FSCR threshold and personal income is used to supplement monthly payments.
As Gatehouse is a Shariah-compliant lender, it charges rental rates for its loans rather than interest.
These changes come weeks after the bank increased the maximum finance amount on its house purchase loans to £5m to align the range with its buy-to-let products.
John Mace, product manager at Gatehouse Bank, said: “The UK property market remains incredibly buoyant despite recent rises in the Bank of England base rate and these improvements ensure our offering continues to be very competitive and more accessible to homebuyers.”
