On 1st April, the bank decided to reduce its maximum FTV to 65%, due to restrictions on physical valuations during lockdown.
Since the return of physical valuations, Gatehouse can now offer finance for new builds, HMO, MUFB’s, and apartment buildings with more than six storeys.
The maximum FTV for HMOs and MUFBs is 70%.
- Will the bridging and development markets start looking like they did 10 years ago due to Covid-19?
- Gatehouse Bank promotes Lottie Clayton to head of intermediary sales
- Gatehouse Bank reduces finance to value to 65% for BTL products
The changes mean that any applications submitted before the lockdown in March for finance between 65% and 75% FTV will proceed.
New applications can be made up to the 75% FTV limit.
The bank continues to support existing customers who are facing financial difficulties due to Covid-19, including payment holidays to homebuyers and landlords.
Roger Evans, director of home finance distribution at Gatehouse Bank, said: “We are pleased to be able to offer 75% FTV products at competitive rates for UK, expat and international customers.
“Customers who applied for finance between 65% and 75% FTV, who have not had a valuation carried out, will see their applications proceed in earnest.”