BTL max age now 99 for Gatehouse bankMake Text Bigger
Gatehouse Bank has relaxed its age criteria for Buy to Let mortgages increasing the maximum age at the end of the term, from 85 to 99 years. The 99 year age only applies to borrowers relying solely on rental income to stress test for affordability. The maximum age increase also applies to Houses in Multiple Occupations and Multi Unit Freehold Blocks.
The change to the upper age limit is designed to remove financing challenges for older clients, who would otherwise have no problem passing affordability tests.
Gatehouse will also now accept remortgaging within six months of purchase for all Buy to Let clients subject to an increased due diligence process.
Other enhanced criteria includes:
● Maximum Finance-to-Value for Expats and International Residents has increased to 80% from 75%
● Minimum finance amount reduced to £60,000 for Expats and International Residents
● Minimum property value lowered from £100,000 to £75,000 for Expats and International Residents
Charles Haresnape, CEO of Gatehouse Bank, said:
“We are always looking at ways to improve our Buy-to-Let and Home Purchase Plan ranges to ensure we make the application process as easy as possible for our brokers and customers.
“We are able to make the latest changes to our criteria because of our human approach to underwriting, which means we take our customers’ full financial circumstances into account.”
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