GB Bank has reduced rates across its core buy-to-let range by up to 0.25%, with products now starting from 4.69% at 65% LTV.
GB Bank has reduced rates across its core buy-to-let mortgage range, cutting 2-year and 3-year fixed rates by 0.25% and 5-year fixed rates by 0.20%.
Available immediately through intermediaries, the revised range now starts from 4.69% at 65% loan-to-value and 4.92% at 75% LTV. The bank said the reductions build on the recent launch of its core proposition, which is available to first-time landlords, professional landlords, limited companies and special purpose vehicles (SPVs).
Alongside standard buy-to-let cases, GB Bank said it will also consider lending on houses in multiple occupation (HMOs), multi-unit blocks, mixed-use properties and complex overseas ownership structures, including overseas trusts and SPVs. The lender assesses affordability using a 125% interest cover ratio (ICR) for basic rate taxpayers, limited companies and SPVs, 145% for higher rate taxpayers and 130% for foreign nationals and expats, with top-slicing available where appropriate.
The lender’s criteria also includes lending to foreign nationals and expatriate borrowers resident worldwide, subject to exclusions. Applicants do not need UK residency, a minimum income or existing UK property ownership, although a UK bank account is required. Bespoke lending remains available up to £20m and 75% LTV for eligible applications.
Nick Allen, head of marketing, product & 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.”