GB Bank has made its new core buy-to-let range available on Iress' Xplan Mortgage sourcing system, giving intermediaries faster access to the bank's off-the-shelf products.
The listing means brokers using Xplan Mortgage can now source the recently launched range, which aims to give intermediaries clearer product options while retaining GB Bank's capacity to consider more complex borrower profiles, assets and ownership structures.
The core range includes 2, 3 and 5-year fixed rates, with LTV options between 65% and 75%. Rates start from 4.94%, loans run from £500,000 to £3 million, and a 0.75% procuration fee is payable to brokers. Top-slicing can also be considered.
Affordability is assessed on the following interest cover ratios:
- 125% for basic rate taxpayers, limited companies and SPVs
- 145% for higher rate taxpayers
- 130% for foreign nationals and expats
The range is open to first-time landlords, professional landlords, limited companies and SPVs. GB Bank will also consider HMOs, multi-unit freehold blocks and mixed-use properties. For foreign national and expat clients, lending is available to worldwide residents, subject to exclusions, with no UK residency, minimum income or UK property ownership required, though a UK bank account is necessary.
Alongside the core range, GB Bank continues to offer bespoke buy-to-let and bridging loans between £3 million and £20 million for more complex cases.
"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," said Nick Allen, head of marketing, product and proposition at GB Bank (pictured).
"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, welcomed the move. "We're thrilled that GB Bank has chosen to make its new buy-to-let range available on Xplan Mortgage," he said.
"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."
