10:08 AM, 13th March 2020, About 2 years ago
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.”
If you require assistance with any type of property finance please complete the form below and we will be happy to help.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleJenricks' planning rules shake up to get Britain building
Next ArticleCoronavirus - How it affects HMO Landlords
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|