Charles Haresnape

Gatehouse Bank reduces finance to value to 65% for BTL products



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Gatehouse Bank has announced it is reducing its maximum finance to value on its BTL and home purchase plans to 65%.

This will allow the bank to continue providing finance to some applicants.

The reduction is due to difficulties in gaining standard valuations because of social distancing guidelines.

The initial rental rates for all products at 65% FTV remain unchanged.

The bank will be switching to desktop valuations to continue to provide finance for home buyers and landlords.

The bank is unable to finance HMOs, new builds, MUFBs and apartment buildings with more than six storeys.

It will continue with existing applications once standard valuations are available.

Charles Haresnape, CEO at Gatehouse Bank (pictured above), said: “These are clearly challenging times, as it is not possible for standard valuations to be carried out, due to social distancing.
 
“We have had to make changes to our products in order to continue to support homebuyers and landlords.

“We hope these changes will only need to be in place for a short period of time.”

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