Gatehouse Bank has cut the minimum finance amount for its home purchase plan (HPP) products and buy-to-let (BTL) offerings from £100,000 to £75,000.

These changes apply to UK residents, UK ex-pats and international residents.

The BTL criteria change sees borrowers no longer requiring a minimum income of £18,000, and existing landlords will no longer need a minimum income if their property’s rental income exceeds the monthly payment at the applicable finance service coverage ratio (FSCR).

There are two exceptions to this: first-time buyers/first-time landlords and landlords with income that doesn’t meet the FSCR will need at least one applicant with an income of at least £15,000.

Gatehouse product manager John Mace says: “The UK property market remains incredibly buoyant despite recent rises in the Bank of England base rate, and these improvements ensure our offering continues to be very competitive and more accessible to homebuyers.”

Earlier this year, Gatehouse lifted the maximum amount on its home purchase plans to £5m, bringing them in line with its BTL range.