Available immediately, the reductions further strengthen the bank’s recently launched core range, with rates now starting from 4.69% at 65% loan to value (LTV) and 4.92% at 75% LTV.
GB Bank’s core range is available to first-time landlords, professional landlords, limited companies and special purpose vehicles (SPVs).
The bank will also consider houses in multiple occupation (HMOs), multi-unit blocks (MUBs), mixed-use properties and complex overseas structures, including overseas trusts and SPVs.
The bank assesses affordability on a 125% interest cover ratio (ICR) for basic-rate taxpayers, limited companies and SPVs. It assesses affordability on 145% for higher-rate taxpayers and 130% for foreign nationals and expats. The bank said it would consider top-slicing for the right client.
The bank’s criteria for foreign national and expat clients includes lending to worldwide residents, subject to exclusions, with no UK residency. However, a UK bank account is required – but there is no minimum income or UK property ownership requirement.
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Nick Allen, head of marketing, product and proposition at GB Bank, said: “The launch of our core range marked an important step in making GB Bank’s proposition more accessible to brokers, combining the certainty of a defined product range with the flexible, pragmatic approach we’re known for – and we’re pleased to be building on that momentum with these rate reductions.
“Pricing is obviously a key consideration for brokers and their clients, and these cuts mean intermediaries can access even more competitive options across the range.
“At the same time, whilst rates are important, brokers also want confidence that complex cases will be understood and assessed on their merits. That’s exactly what GB Bank delivers – competitive products backed by experienced decision-makers and a relationship-led approach to lending.”
Earlier this month, the bank launched its simplified core buy-to-let (BTL) range on the Iress Xplan Mortgage sourcing system.
