"We have had to make changes to our products in order to continue to support homebuyers and landlords"
The Bank will be switching to desktop valuations in order to continue to provide home finance for homebuyers and landlords.
Due to the limitations of desktop valuations, the Bank is temporarily unable to finance HMOs, multi-unit freehold blocks, new builds and apartment buildings with more than six storeys.
Whilst the Bank will not accept new applications for financing of above 65% FTV from the end of today, it has committed to proceed with existing applications once standard valuations are available.
The initial rental rates for all products at 65% FTV remain unchanged.
The revised range includes home purchase plans from 2.99% fixed for two years and 3.25% fixed for five years. For UK expats, two and five-year fixed rates are available from 3.29% and 3.49% respectively. For international residents, the rates remain 3.69% for a two-year fix and 3.99% for a five-year fix.
Two-year fixed rate buy-to-let products start at 3.19% and five-year fixed rates at 3.65%. UK corporate rates stay the same at 3.49% and 3.90%. UK expat rates are set at 3.75% and 3.99%, while for international residents, the rates remain at 3.90% and 3.99% for two and five-year fixes, respectively.
Charles Haresnape, CEO at Gatehouse Bank, 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 and plan to broaden our proposition, as soon as it is possible to access standard valuations.
“We will also be contacting customers who have recently applied for finance above 65% FTV and have not had a valuation carried out, to make them aware of our decision and advise them that we would be happy to proceed as soon as standard valuation is possible.
“We are working hard to provide our existing customers with support during these uncertain times. In line with other providers, we are helping customers that are facing financial difficulties, assessing their needs to find a suitable payment strategy and providing a payment holiday of up to three months if required.”
