Gatehouse brings back BTL top slicing for expats and international residents   – Mortgage Strategy

Gatehouse Financial institution has reintroduced high slicing for UK expats and worldwide residents shopping for a buy-to-let property.

High slicing, often known as revenue top-up, can be utilized in circumstances the place the lease paid by the tenant doesn’t exceed the month-to-month fee charged by the Shariah-compliant financial institution by the required quantity.

Subsequently, the applicant’s private revenue could also be used to ‘top-up’ the shortfall.

To qualify for high slicing, the minimal annual revenue required is £32,000 for UK expats and £100,000 for worldwide residents.

Each UK expats and UK residents now fall below one finance service protection ratio banding, with a price of 115% making use of to each people and restricted corporations.

For worldwide residents, a 125% price applies.

The lender factors out that it introduced again high slicing for UK residents in June.

Gatehouse Financial institution senior product supervisor John Mace says: “Right now’s announcement is a pure subsequent step for Gatehouse Financial institution, following the identical adjustments being reintroduced for UK residents earlier this 12 months.

“We’ve reintroduced high slicing for UK expats and worldwide residents to make sure that clients in search of Shariah-compliant BTL merchandise have a wider vary of choices.”