GB Bank has made its simplified core buy-to-let range available through Iress’ Xplan Mortgage sourcing system, giving brokers direct access to its off-the-shelf products via the platform.
The specialist lender said the move would make it easier for intermediaries to source its recently launched core buy-to-let proposition, which has been designed to offer a clearer product range while maintaining the flexibility to consider more complex borrower profiles and ownership structures.
The range includes two-year, three-year and five-year fixed rate products with loan-to-value ratios between 65% and 75%. Rates start from 4.94%, with loan sizes ranging from £500,000 to £3 million. Brokers will receive a 0.75% procuration fee.
Affordability is assessed using a 125% interest cover ratio for basic rate taxpayers, limited companies and special purpose vehicles (SPVs), rising to 145% for higher rate taxpayers and 130% for foreign nationals and expats. The lender will also consider top-slicing.
The proposition is available to first-time landlords, professional landlords, limited companies and SPVs. GB Bank will also consider lending on houses in multiple occupation (HMOs), multi-unit freehold blocks (MUFBs) and mixed-use properties.
For foreign national and expat borrowers, the bank said it can lend to applicants residing worldwide, subject to exclusions. There is no requirement for UK residency, minimum income or existing UK property ownership, although borrowers must hold a UK bank account.
Alongside the core range, GB Bank continues to provide bespoke buy-to-let and bridging loans from £3 million to £20 million.
Nick Allen (pictured), 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 GB Bank’s new range will be a welcome addition to Xplan Mortgage.”