GB Bank has introduced a new range of buy-to-let (BTL) and bridging loans, providing fresh options for landlords and investors. This move is significant as it caters to the growing demand for flexible financing solutions in the property market.
TL;DR: GB Bank’s new BTL offerings include fixed rates starting at 4.94% and loans from £500,000 to £3m; brokers can benefit from a 0.75% fee, enhancing options for landlords.
What are the new buy-to-let options?
The core buy-to-let range from GB Bank features fixed-rate loans available in two-, three-, and five-year terms. Loan-to-value (LTV) ratios range from 65% to 75%, with rates beginning at 4.94%. This allows landlords to finance properties ranging from £500,000 to £3 million. Additionally, a procuration fee of 0.75% applies for brokers, making these products appealing for those looking to expand their portfolios.
How does the bridging range work?
GB Bank’s bridging loans start at competitive rates of 0.79% per month for residential properties and 0.99% for semi-commercial properties, with maximum LTVs of 75%. Notably, there are no minimum income or UK property ownership requirements, which opens the door for a wider range of borrowers. Bespoke loans are also available for eligible cases, extending up to £20 million.
What this means for landlords and brokers
The introduction of these products is particularly beneficial for landlords seeking to finance new acquisitions or refinance existing properties. The flexible terms and competitive rates can help investors optimise their cash flow and investment strategies. Brokers will also find these offerings advantageous, as they can provide tailored solutions to clients without stringent income criteria.
Frequently asked questions
What types of properties can be financed with these loans?
GB Bank’s buy-to-let loans can be used for residential properties, while the bridging loans can cover both residential and semi-commercial properties.
Are there any special requirements for obtaining these loans?
There are no minimum income or UK property ownership requirements for the bridging loans, making them accessible for a broader range of borrowers.