GB Bank has launched its new simplified core buy-to-let range available on Iress’ Xplan Mortgage sourcing system, giving intermediaries faster access to the bank’s off-the-shelf intermediary products.
The move means intermediaries using Xplan Mortgage can now source GB Bank’s recently launched range, which has been designed to give brokers clearer product options whilst retaining the bank’s ability to consider more complex borrower profiles, assets and ownership structures.
GB Bank’s core buy-to-let range includes 2, 3 and 5-year fixed rates, with LTV options available between 65% and 75%. Rates start from 4.94%, with loans available from £500,000 to £3 million, and a 0.75% procuration fee payable to brokers.
Affordability is assessed on 125% interest cover ratio for basic rate taxpayers, limited companies or SPVs, 145% for higher rate taxpayers and 130% for foreign nationals and expats, and top-slicing can also be considered.
GB Bank’s buy-to-let range is available to first-time landlords, professional landlords, limited companies and SPVs. The bank will also consider houses in multiple occupation (HMOs), multi-unit blocks (MUFB) and mixed-use properties.
Criteria for foreign national and expat clients includes lending to worldwide residents, subject to exclusions, with no UK residency required and no minimum income or UK property ownership requirement, however a UK bank account is required.
In addition to this range, GB Bank continues to offer bespoke, complex buy-to-let and bridging loans between £3 million and £20 million.
Nick Allen, Head of Marketing, Product & Proposition at GB Bank, said: “Making our new simplified core product range available on Xplan Mortgage is an important step in widening intermediary access to GB Bank and making it easier for intermediaries to find the right solution for their clients.”
We know intermediaries need clarity, speed and confidence when placing more complex buy-to-let cases. By adding these products to Xplan Mortgage, we’re making our proposition more visible and easier to source, while still giving brokers access to the flexible, pragmatic approach that sits at the heart of GB Bank.
Our new range gives intermediaries the best of both worlds: the certainty of a defined product set, backed by experienced underwriters, responsive service and our ability to look at cases on their own merits.”
Joshua Hart, Senior Business Development Manager for Sourcing at Iress, added: “We’re thrilled that GB Bank has chosen to make its new buy-to-let range available on Xplan Mortgage. As demand for buy-to-let continues, brokers value greater product choice and straightforward propositions that help them find the right solutions for their clients. We fully support the need for simpler, clearer product options, and GBBank’s new range will be a welcome addition to Xplan Mortgage.”
