Gatehouse Bank ups maximum finance amounts for BTL and Home Purchase Plans

The lender has increased the maximum finance limit for HPPs to £5m, bringing it in line with its BTL range.

It has also doubled the maximum finance available at 80 per cent finance to value (FTV) for its HPP and BTL ranges from £1m to £2m.

At 70 per cent FTV the maximum finance available in its HPP range has increased from £2.5m to £3m.

The bank has also introduced aa 75 per cent FTV tier for its BTL range for UK residents, UK expat and international buyers. The maximum finance available is £3m.

Financing has been  increased from £1m to £3m for existing houses in multiple occupation and multi-unit freehold blocks with a 75 per cent FTV. Finance over £3m in both ranges will have a maximum FTV of 70 per cent.

Borrowers, specifically UK homeowners, with a smaller deposit can secure funding from £100,000 to £500,000 using one of the lender’s 90 per cent or 95 per cent FTB products. The latter is only available for first-time buyers.

All of the changes mean that HPP and BTL products have same maximum finance amount at each tier, which Gatehouse Bank said would “simplify the information and application process for brokers and clients”.

John Mace, product manager at Gatehouse Bank, said: “Increasing the maximum finance amounts available on our HPP and BTL products further improves our home finance range. The changes align our HPP and BTL products making it easier for brokers and customers alike.

“Islamic home finance continues to grow in the UK and these changes will enhance our competitiveness at a time when life is slowly returning to normal.”