GB Bank has enhanced its buy-to-let (BTL) proposition to cater for foreign national and expat clients who do not hold UK residency but hold a UK bank account.
Foreign nationals can now apply for BTL loans up to £30m with a maximum loan to value (LTV) of 75%. They do not need to have a UK income or own property in the UK.
The changed criteria apply to applicants from most countries worldwide, barring those on the Financial Action Taskforce’s blacklist or those subject to international sanctions.
There is a minimum coverage ratio of 130% and pricing is determined on a case-by-case basis.
GB Bank said there were no minimum income thresholds and first-time landlords are accepted but have a maximum loan size of £7.5m.
The proposition can support houses in multiple occupation (HMOs) and multi-unit blocks (MUBs) with no maximum number of bedrooms or units and mixed-use assets.
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GB Bank added that it would consider complex ownership structures such as overseas special purpose vehicles and trusts.
The firm said the changes would allow “global investors to participate more easily in the UK property market, with an emphasis on accessibility, bespoke underwriting, and specialist support”.
Mike Says, CEO of GB Bank, said: “We’re seeing increasing demand from international investors who recognise the strength and stability of the UK property market. Our enhanced buy-to-let proposition reflects our commitment to providing accessible, agile and expert-led lending solutions, particularly on high-value investments.
“By removing the UK residency barrier, we can say ‘yes’ to more complex cases that mainstream lenders would decline.”
GB Bank recently reported that its loan book had exceeded £200m in the six-month period to 31 March while breaking a £2bn balance sheet milestone.
