Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.
GB Bank Adds Buy-to-Let Mortgage Range to Iress Sourcing System
GB Bank has launched its simplified core buy-to-let (BTL) mortgage range on the Iress Xplan Mortgage sourcing system. This move provides intermediaries with faster access to the bank’s BTL deals.
The new range includes two-, three-, and five-year fixed rate products, with loan-to-value (LTV) options between 65% and 75%. Rates start from 4.94%, and loans are available from £500,000 to £3 million. A procuration fee of 0.75% is payable to brokers.
Affordability for these products is assessed using a 125% interest cover ratio (ICR) for basic-rate taxpayers and limited companies, 145% for higher-rate taxpayers, and 130% for foreign nationals and expats. Top-slicing can also be considered.
The deals are open to first-time landlords, professional landlords, limited companies, and special purpose vehicles (SPVs). GB Bank will also consider applications for houses in multiple occupation (HMOs), multi-unit blocks (MUBs), and mixed-use properties.
Earlier in June, GB Bank also launched a bridging finance range alongside its BTL products.
This development is relevant for UK letting agents and inventory clerks as it expands the range of mortgage options available to landlords, including those managing more complex property types.
Source: Mortgage Solutions