GB Bank has introduced a new simplified core buy-to-let range, now available on Iress’ Xplan Mortgage sourcing system. This development allows intermediaries to access the bank’s products more efficiently, enhancing the options available for brokers and their clients.
TL;DR: GB Bank’s new buy-to-let products are now accessible via Iress’ Xplan, enabling brokers to source clearer options for clients; the range includes fixed rates starting at 4.94% with LTVs from 65% to 75%.
What are the new buy-to-let products?
GB Bank’s latest offering features a core buy-to-let range that includes 2, 3, and 5-year fixed-rate mortgages. The loan-to-value (LTV) options range from 65% to 75%, with interest rates commencing at 4.94%. Loans are available in amounts from £500,000 up to £3 million, and brokers will receive a 0.75% procuration fee for successful deals.
How does this impact brokers and their clients?
This new product range streamlines the mortgage sourcing process for brokers using the Xplan system, making it easier to find suitable options for clients. The bank’s approach remains flexible, allowing for consideration of complex borrower profiles, assets, and ownership structures. Affordability assessments will be based on a 125% interest cover ratio for basic rate taxpayers, 145% for higher rate taxpayers, and 130% for foreign nationals and expats. Additionally, top-slicing can be considered, which provides further options for borrowers with more complicated financial situations.
What this means for landlords and investors
For landlords and property investors, the introduction of these products signifies an opportunity to access competitive financing options that cater to a range of investment strategies. The ability to secure loans with LTVs up to 75% can enhance purchasing power, particularly for those looking to expand their property portfolios. Furthermore, the availability of bespoke, complex buy-to-let and bridging loans ranging from £3 million to £20 million continues to support larger investment opportunities.
What should brokers watch next?
Brokers should keep an eye on how GB Bank’s new offerings perform in the market and whether they attract significant interest from clients. The bank’s commitment to providing clearer product options while maintaining flexibility for complex cases could set a new standard in the buy-to-let sector. Additionally, brokers may want to monitor any future product launches or changes in lending criteria that could further impact the buy-to-let market.
Frequently asked questions
What types of buy-to-let products does GB Bank offer?
GB Bank offers a core buy-to-let range that includes 2, 3, and 5-year fixed-rate mortgages with LTVs from 65% to 75% and rates starting at 4.94%.
How does the new product range benefit brokers?
The new range simplifies the sourcing process for brokers using the Xplan system, providing clearer product options and maintaining flexibility for complex borrower profiles.