Gatehouse Bank has reduced rates on its BTL product range above £500,000.

These ‘limited edition’ rates see costs reduced by 0.5 percentage points, giving a rate of 2.89% for UK residents, 2.99% for UK expats, and 3.39% for international residents on Gatehouse’s two-year fix at 65% FTV.

The rates for a two-year fix at 80% FTV are 3.09% for UK residents, 3.35% for UK expats and 3.59% for international residents. Again this is a 0.5 percentage point reduction on the previous rate. 

These reductions apply to purchases made by both individuals and corporate entities, and includes HMOs and MUFBs. 

Gatehouse Bank is also fixing the product fee for these products at £5,000 for all customers nad property types, regardless of finance amount. 

Gatehouse Bank product manager John Mace says: “We’re delighted to offer these rate reduction products for landlords in a period of rising rates.”

He stressed that although the property market remained busy, these new rates remain part of a limited tranche of funds.