Bluestone cuts rates; Gatehouse resumes expat top slicing; Beverley BS accepts non-UK national applicants – round-up

Its rates have been dropped by 0.1% and now start at 6.24% for a mortgage at 60% loan to value (LTV). 

Mark Hollands, head of sales and distribution at Bluestone Mortgages, said: “As competition in the mortgage market continues, we’re pleased to be able to lower our rates to support our customer base.

“These reductions demonstrate our commitment to providing customers who do not fit the traditional lending criteria with the solutions they need to make their homeownership dreams a reality.” 

Gatehouse Bank reintroduces top slicing for UK expats and international residents 

Sharia-compliant lender Gatehouse Bank has brought back top slicing for UK expat and international residents buying a buy-to-let (BTL) property. 

Top slicing can be used in instances where the rent paid by a tenant does not exceed the monthly payment charged by the bank, and allows an applicant to use their personal income to make up the shortfall. 

Gatehouse Bank reintroduced this feature for UK residents in June. 

To qualify, UK residents must have a minimum annual income of £32,000, while international residents must be earning £100,000 or more. 

Gatehouse Bank will now categorise UK expats and UK residents under one finance service coverage ratio (FSCR) banding, with a rate of 115% applying to both individuals and limited companies. 

A rate of 125% will apply to international residents. 

The FSCR measures the customer’s ability to cover their payments based on their rental income. 

John Mace, senior product manager at Gatehouse Bank, said: “Today’s announcement is a natural next step for Gatehouse Bank, following the same changes being reintroduced for UK residents earlier this year. 

“We have reintroduced top slicing for UK expats and international residents to ensure that customers seeking Sharia-compliant buy-to-let products have a wider range of options.” 

Beverley BS widens to non-UK nationals 

Beverley Building Society has broadened its offering to accept non-UK national mortgage applicants. 

The mutual said this represented an “important milestone” in its offering, as it continues to expand its lending criteria. 

Beverley Building Society will lend up to 80% LTV for residential properties excluding self-build homes, and applicants must have at least one year remaining on their visa. 

Non-UK applicants must have a UK bank account and a minimum of three years of residence in the UK. 

The mutual will accept EU nationals with settled or pre-settled status, foreign nationals with the right to reside and certain visas including Skilled Worker and Health and Care Worker.