Sharia-compliant lender Gatehouse Bank has cut its standard variable rate (SVR) on home purchase plans and buy-to-let (BTL) purchase plans by 0.5% to 7.5%.
Additionally, the lender has reduced rental rates on standard and green two-year fixed BTL products for overseas residents by 0.1%. The green home finance products offer a reduced rental rate for borrowers purchasing or refinancing a property with an energy-efficiency rating of A or B.
The lender offsets the carbon emissions generated by the average UK property for the product’s initial fixed term.
The lender has also widened its eligibility criteria and will now consider applications from international residents in need of BTL finance for houses in multiple occupation (HMOs).
Gatehouse Bank announced it has also revised its intermediary and introducer proc fees after an internal review.
Gemma Donnelly, head of customer propositions at Gatehouse Bank, said: “At Gatehouse Bank, our primary goal is to help more people seeking Sharia-compliant finance achieve their aspirations.
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“Following wider market trends, we are thrilled to be introducing today’s product changes, which have been designed to make our products more accessible for our customers, both in the UK and overseas.”
Last month, the firm was added to the Mortgage Brain platforms Sourcing Brain and Criteria Brain.