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All Savings - New Customers FAQs
How do Gatehouse Bank savings accounts work?
Why do your savings accounts pay profit not interest?
Neither payment nor receipt of interest is permitted under the Shariah principle that money shouldn’t be generated from money. It’s also thought that money shouldn’t be left idle but put to good use through trade consistent with Shariah principles. So, we put your savings to work to earn a profit. To date, we have always generated and paid our customers the expected profit rate. For more information, please view our Savings video.
What does expected profit mean?
The expected profit rate is what we expect to deliver to you from investing your funds. It’s the profit we share with you from the returns generated. We monitor your account daily to make sure it’s achieved. To date, we have always generated and paid our customers the expected profit rate stated when they opened their account. For more information, please view our Savings video.
What happens if my expected profit rate isn’t achieved?
If we don’t think the expected profit rate will be achieved, we’ll get in touch to tell you of the new expected rate. You then have the option of keeping your account with us at the new rate or withdrawing your original deposit along with the profit earned so far. So far, we’ve not had to do this. We have always generated and paid our customers the expected profit rate.
Where is my money invested?
To comply with Shariah principles, we don’t make investments involving excessive uncertainty, gambling or speculation - criteria that many responsible investors adopt regardless of religious convictions.
Our Shariah-compliant status also means that deposits and investments we receive are never used to support non-compliant activities or sectors: this includes alcohol, tobacco, pork and non-halal meat production, gambling, adult entertainment, and arms.
Examples of eligible investments include construction projects, certain real estate investments and sukuk (sometimes known as Islamic bonds). For more information, please view our Savings video.
Can I make withdrawals from my Gatehouse Bank deposit?
Fixed Term Deposits
With fixed term deposits, you can’t withdraw funds before the end of the product term (its maturity) other than in exceptional circumstances. These are detailed in the products terms and conditions.
Notice Accounts
With notice accounts, you can withdraw funds but must tell us in advance. For a 95-day notice account, for example, you need to notify us 95 days before you want the money.
Cash ISAs
You can withdraw money from your ISA, for this or previous years, but with fixed term accounts, withdrawals within the term are subject to a reduction in profits.
Easy Access Accounts
You have access to your online account 24/7 and can easily withdraw all or part of your funds to your nominated account.
Regular Saver Account
Withdrawals are not allowed during the fixed period of your account. At the end of the fixed period, your money, and the profit you earn will be transferred to an Easy Access account.
Is my money protected?
Your eligible deposits held by a UK establishment of Gatehouse Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.
For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please call us on 0345 600 3350 or click here to access our FSCS Information Sheet.
For information from the FSCS, please refer to the FSCS Website or call the FSCS on 0800 678 1100. Click here to access the guide for how the FSCS protects your money.
Please note only compensation related queries should be directed to the FSCS.
Is tax deducted from my account?
No. All profit is paid gross, without any tax being deducted.
Do you have any products that directly support the environment?
Yes, we plant a tree on behalf of our customers for every Woodland Saver Fixed Term Deposit or Fixed Term Cash ISA account opened and funded, or renewed, at no cost to the customer. Find out more about how you can help grow UK woodlands as you grow your savings here.
What role does Gatehouse Bank play in investing deposits?
As a Shariah-compliant bank, we invest our customers’ deposits in a portfolio of assets that comply with Shariah principles, to generate the expected profit rate for the account holders.
We have an obligation as a trustee; we’re accountable to depositors under Islamic principles of finance for any negligence.
Opening an account
Am I eligible to apply?
The eligibility criteria are simple. You need to be a UK resident, aged 18 or older, and holding a current account with a UK bank or building society. For more information and for full details on eligibility criteria for specific products, please view our specific product terms and conditions, and our Savings video.
How do I apply for a Savings account?
All you need is the sort code and account number of your existing UK bank or building society account, as well as your email address and mobile number. To start your application, choose a product on our Savings page, click the "Apply now" button and follow the instructions. Please note, our savings accounts can't be opened via our Savings App at the moment.
How do I transfer funds from an existing ISA?
You can transfer funds from an existing ISA by applying online. You will be asked to provide details of your current ISA provider.
If you request a transfer of the current year’s ISA subscriptions, the total current ISA subscription amount must be transferred.
You can also transfer funds from an existing ISA after your account is opened with us. Simply complete the Cash ISA Transfer Form, available to download from the Useful Docs section of our website.
What is a nominated account?
Your nominated account is the UK bank or building society account you use to fund your Gatehouse savings account. Your nominated account must be with a UK bank or building society. We’ll ask you for your nominated account details when you open your savings account with us. Deposits can only be made from your nominated account.
We will conduct a Confirmation of Payee (CoP) check to ensure that the nominated account belongs to you. To read more about CoP, click here.
Can I open more than one account?
You can open more than one account for most of our products. Please refer to the specific product terms and conditions for full details.
Remember, your eligible deposits held by a UK establishment of Gatehouse Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. For more information please visit http://www.fscs.org.uk/
Can I open a joint account?
With the exception of our Cash ISAs and our Regular Saver account, yes, each account can have up to two account holders. We work on the assumption that you both have equal share of the money in the account and are jointly responsible for the account. We will usually act on instructions from either one of you, without checking with the other, unless you tell us about a dispute over the account. If you do, you’ll only be able to operate the account by post and we will require signatures from both account holders.
If there is a dispute, please contact us by phone or in writing.
What account opening checks do you carry out?
As with all UK savings accounts, we check your identity and address before you open an account. To make this as easy as possible, we do this by checking electronic databases. This includes a Confirmation of Payee (CoP) check. Sometimes we may need to ask you to send identification by post. If so, we’ll tell you before we open your account.
What is Confirmation of Payee (CoP)?
Confirmation of Payee (CoP) is an account name-checking service that helps you to ensure that your money is being sent to the correct account.
These checks are designed to help stop payments going to the wrong account by spotting possible mistakes and adding extra security steps to help prevent fraud.
To read more about CoP, click here.
How does CoP work?
To help protect you when linking your new Savings account to your nominated bank account, we carry out a CoP check to make sure your name matches the account details you provide.
Checks are conducted using your name, account number, secondary reference data (SRD) and account type against the nominated bank’s records. We will conduct CoP checks at the point that you link your nominated account to your Savings account, and if you make a change to your nominated account. There are 4 matching scenarios; Match, Close Match, No Match and Account Not Found. If your account does not match, we may request additional documentation from you to verify that the nominated account belongs to you.
To read more about CoP, click here.
Can I change my mind?
All our savings accounts have a 14-calendar day cooling off period from the day the account is funded. If you change your mind within this time, please write to us to cancel your account. No notice period or charges will apply.
How do I apply for power of attorney (POA) over an account?
For POA on new and existing accounts, please call us on (within UK) 0345 600 3350 or (outside UK) +44 191 622 1183 to ask for an application form. Complete and send it to us with your proof of power of attorney and any other supporting documents we’ve asked for. You will also need to download or ask for a copy of our terms and conditions and the Summary Box information for the product and keep these for your records.
Do you accept a Jointly Operated Power of Attorney?
Where there is more than one attorney named, we can only accept attorneys appointed ‘jointly and severally’. This allows either attorney to make decisions independently.
Where attorneys are authorised to act ‘jointly’, instructions are needed from all attorneys who must agree on all decisions. We are unable to support this type of Power of Attorney.
The Power of Attorney will specify whether individual attorneys have the power to act ‘jointly’ or ‘jointly and severally’.
How do I register Power of Attorney on an existing account?
If the Power of Attorney document requires attorneys to act ‘Jointly’, please contact us on (within UK) 0345 600 3350 or (outside UK) +44 191 622 1183 for further information.
What happens if I don’t fund my account straight away?
As long as you send us your deposit by bank transfer or cheque within 30 days of applying for the account, we’ll apply the profit rate shown on our website at the time you applied (or a higher rate if we have increased it).
If we don’t receive your deposit as cleared funds within 30 days of your application, we won’t open the account, and you’ll need to re-apply.
How do I know when my account is open?
Once you have successfully completed your online application we’ll send you an email confirming you’ve passed our online checks and explaining how to pay money into your account. We’ll also send you those instructions in the post.
Your account is officially open once we receive your cleared funds. We’ll use this date to calculate your profit payments; for a Fixed Term account, it’s maturity date and for a Regular Saver account, it’s at the end of the 12 month fixed term, on the account opening anniversary.
Once open, you can manage your account online 24/7 or by using our Savings App. To find out more and to download our Savings App, click here.
How do I request support when applying for an account?
You can email us on info@gatehousebanksavings.com, call us on (within UK) 0345 600 3350 or (outside UK) +44 191 622 1183, or write to us at Gatehouse Bank, PO Box 861, Wallsend, NE28 5BP.
Using your account
How do I access my savings account information?
You can view your Savings account information at any time, by logging on here with your user ID and password, or with our Savings App, available from the Apple and Google Play stores.
How do I fund my account?
You can fund your new account by bank transfer from your nominated account or sending us a UK bank or building society cheque.
If we don’t receive your initial deposit as cleared funds within 30 days of your application, the account will not be opened, and you will need to re-apply.
If you make a deposit before 1pm on a working day, funds will show on your account by close of business the same day. Deposits after 1pm, will show by close of business the following day.
Deposits you send to your Gatehouse bank account may be rejected if your bank has recently changed the sort code and account number associated with your nominated account. If so, please log in to your account and update your nominated account details.
Can I make more than one deposit?
Fixed Term Deposits (including Fixed Term Cash ISAs)
For Fixed Term Deposits, if you make your initial deposit by bank transfer, you can send it in instalments as long as we receive the full deposit within 30 days of your application.
If your initial deposit is by cheque, we can’t accept instalments, and it must be the full amount. We cannot accept a combination of cheque and bank transfer.
Once we have received the initial deposit (either as a single payment or in instalments) you can’t make any more deposits for the term of the account.
Notice and Easy Access Accounts (including Easy Access Cash ISA)
For Notice and Easy Access Accounts, you can make extra deposits at any time.
Regular Saver Account
For a Regular Saver account, you should deposit funds into your account before the 25th of each calendar month, to ensure funds are received before the end of the calendar month. You can make multiple deposits into the account per month, up to the maximum monthly allowance of £300. If the deposit received is more than the monthly allowance, then the whole deposit amount will be rejected.
You don’t have to make a deposit each calendar month. If you miss a month, or don’t pay in the maximum allowed, you can’t carry over the unused amount and catch up in future months.
Will I receive a statement for my account?
No, but you can view your account balance and transactions at any time by logging in to your account online 24/7 or using our Savings App. You will receive a closing statement for your account, and if you want a paper copy, please write to us to request one.
Will I receive a Section 975 certificate?
Shortly after 6th April each year, you will be able to view and print a Section 975 (S975) tax certificate. If you’d like a paper copy instead, please write to us to request one. If you request a paper copy, we’ll send one every year, and you won’t be able to download or print it online.
What if I forget my password?
You can reset your password by following the ‘Forgotten your password’ link on our log in page. You can also call us on (within UK) 0345 600 3350 or (outside UK) +44 191 622 1183, Monday to Friday 9.00am – 5.00pm UK time.
Can I change my nominated account?
Yes. You can change your nominated account to another UK bank or building society account at any time, by logging into your online account, but not using our Savings App.
Log into your savings account here and go to 'Change Details'.
You can also have your profit paid into a separate account. You can view or change this in the ‘My Accounts’ section. Changing the nominated account will not change the destination of your profit, which must be updated separately. We will complete a Confirmation of Payee (CoP) check at the point that you change your nominated account to ensure that this belongs to you. To read more about CoP, click here.
How do I contact you?
You can email us on info@gatehousebanksavings.com, call us on (within UK) 0345 600 3350 or (outside UK) +44 191 622 1183, or write to us at Gatehouse Bank, PO Box 861, Wallsend, NE28 5BP.
What if I need to change my personal details?
You can update your email address, contact numbers and marketing preferences within our Savings App. To find out more or to download our Savings App, click here.
You can also change your personal details by logging into your account here and select 'Change Details'. Click on 'Personal Details', then select the option you need and follow the instructions.
IMPORTANT: Beware of any unusual or urgent requests to change personal details. Learn more here or contact us to check if the communication is legitimate.
What happens to my deposit on maturity?
Fixed Term Deposits (including Fixed Term Cash ISAs)
We will contact you 25 days before your account is due to mature to let you know your maturity options. Once you’ve decided, you can tell us what you want to do by logging into your account and selecting your maturity option.
It’s simple to open a new fixed term account or withdraw your full deposit. If you don’t tell us what you want to do by your maturity date, we’ll transfer your deposit into an appropriate easy access account, where you can get to it any time you like.
Regular Saver Account
At the end of the 12 month fixed term, your money and any profit you earn will be transferred to an Easy Access account where the funds will be available to you.
How do I request my communications in large print, braille, or audio?
You can email us on info@gatehousebanksavings.com, call us on (within UK) 0345 600 3350 or (outside UK) +44 191 622 1183, or write to us at Gatehouse Bank, PO Box 861, Wallsend, NE28 5BP.
How do I request support operating my account?
You can email us on info@gatehousebanksavings.com, call us on (within UK) 0345 600 3350 or (outside UK) +44 191 622 1183, or write to us at Gatehouse Bank, PO Box 861, Wallsend, NE28 5BP.
How do I make a complaint about my savings account?
To make a complaint about your savings account, please email us at info@gatehousebanksavings.com or call us on (within UK) 0345 600 3350 or (outside UK) +44 191 622 1183, Monday to Friday, 9.00am – 5.00pm. You can also write to us at Gatehouse Bank, PO Box 861, Wallsend, NE28 5BP.
We will try to resolve your complaint as quickly and fairly as possible. Please see our complaints policy for more information. If you’re still unhappy, you can contact the Financial Ombudsman Service (FOS) at complaint.info@financial-ombudsman.org.uk.
What do I do if I suspect fraud on my account?
Please get in touch immediately. Call us on (within UK) 0345 600 3350 or (outside UK) +44 191 622 1183 Monday to Friday, 9.00am – 5.00pm, or alternatively email us on info@gatehousebanksavings.com
If you are not sure what to look out for when it comes to fraud, learn more on our dedicated page we have to keep our customers safe online.
Our Woodland Saver Accounts
Do customers pay for the tree out of the return on their savings?
No. Gatehouse Bank is paying for the tree planting on behalf of our customers and this does not impact the expected profit rate on your savings account.
Where will the Woodland Saver trees be planted and can I choose where my tree is planted?
Trees planted through the Gatehouse Bank Woodland Saver tree planting scheme are located within four specific UK woodland creation projects, through our planting partner Forest Carbon. Trees are allocated to project sites according to environmental requirements. Therefore, you cannot request a specific woodland project for your tree.
What type of trees will be planted?
Trees are from a range of woodland species including Oak, Hazel and Birch, specifically chosen for the habitat and environment where they are planted.
Will the trees capture carbon emissions?
Yes. The trees planted in these new woodlands are expected to capture carbon dioxide over their lifetimes. These woodlands will be independently verified over the long term to establish how much carbon dioxide they are capturing. The projects are registered on the publicly available UK Land Carbon Registry. More information can be found in the Terms & Conditions.
When will my tree be planted?
All trees are planted by our partner Forest Carbon in line with the seasonal planting requirements of UK woodlands. Once planted, all growing trees and the carbon emissions they sequester are independently verified under the Woodland Carbon Code.
Can I visit the woodlands?
If you wish to see one of the woodland projects in action you can visit the Lowther Whale Project which is situated in the Lake District National Park and adjacent to public walkways. Please contact the team at Gatehouse Bank for more information.
Can you tell me in which woodland project my tree is planted?
We can guarantee your tree will be in one of the four specified UK woodland projects, but do not assign individual customer trees to specific locations.
How do I ensure a tree has been planted on my behalf?
Gatehouse Bank has entered into an agreement with woodland project developer Forest Carbon to plant a tree for every Woodland Saver account opened or renewed. All woodland projects are verified by the UK Government’s Woodland Carbon Code, which ensures the right trees are planted in the right place.
Is the planting independently assured?
Yes. Our Woodland Saver tree planting scheme is certified by the UK Government Woodland Carbon Code, which gives assurance that each woodland scheme will deliver the benefits claimed, and that the woodland represents genuine new planting.
All FAQs
Buy-to-Let View all
What is a Buy-to-Let purchase plan?
A Buy-to-Let purchase plan is a Shariah-compliant mortgage alternative. You can use it just like a conventional mortgage to purchase or refinance your Buy-to-Let property. For more information, please view our Buy-to-Let video.
Do you cater for both individual landlords and businesses?
Yes. We can provide Buy-to-Let finance for individuals, and also sole proprietors, partnerships, UK registered limited companies and SPV (special purpose vehicle) structures. We also offer Green Home Finance products which carry discounted rates and are only available for properties with a valid Energy Performance Certificate (EPC) rating of A or B – for more information please click here.
Are products also available for UK Expats and International residents based overseas, as well as UK residents?
Yes. Having both an inclusive and flexible approach, we have specific products to help meet the needs of both UK Expats and International residents based overseas. For more information, please view our Buy-to-Let video.
Do you provide finance for Buy-to-Let portfolios?
Yes, we can consider finance for portfolios. We have no restriction on the number of properties in a portfolio.
Do you provide finance for HMOs (houses in multiple occupation) and MUFBs (multi-unit freehold blocks)?
Yes, we have a range of options for more complex property portfolios including HMOs and MUFBs. For more information, please contact our qualified advisers.
- Call us Monday to Friday 9.00am – 5.00pm
- Complete our online form
What are the fees and charges for Buy-to-Let applications?
Our Tariff of Charges gives details of the charges payable in connection with finance applications and additional administration charges following completion.
What is the maximum FTV on Buy-to-Let?
FTV or finance-to-value is the finance amount expressed as a percentage of the property valuation. For example, if a finance product has a maximum FTV of 80%, you will need to provide at least 20% of the property value as your contribution (with the Bank contributing the other 80%). Please refer to our Buy-to-Let products for the maximum FTV applicable.
Are Early Redemption Charges payable on Buy-to-Let finance?
Depending on the product chosen an Early Redemption Charge may be payable if you make Additional Acquisition Payments (often known as ‘lump sum’ payments) or redeem your Purchase Plan during a Fixed Rental Rate Period. Full details are set out in the product information.
Finance term and fixed rate periods – when do they end?
All finance terms and fixed rate periods begin on the Completion date of your home finance and end on the last day of the calendar month in which the finance term/fixed rate period expires. An example of this would be as follows: A 2 year fixed rate period of a home finance product that Completes on 21 September 2024 would end on 30 September 2026 and if it has a finance term of 25 years, it will end on 30 September 2049.
Can I make additional payments to my Buy-to-Let Purchase Plan?
Depending on the product chosen, it may be possible to make Additional Acquisition Payments (often known as ‘lump sum’ payments) during a Fixed Rental Rate Period of your product. If this facility is available, full details are set out in the product information. Outside a Fixed Rental Rate Period, you can make Additional Acquisition Payments at any time subject to a minimum payment of £2,000. Please note:
- When an Additional Acquisition Payment is made, if your account is on an Acquisition and Rent basis you will have the option to either:
- reduce your monthly payment and keep the finance term the same, OR
- reduce the outstanding finance term by keeping your monthly payment the same
- However, if your account is on a Rent Only basis your monthly payment will be reduced
- You will be advised of any new monthly payment amount after you have made the Additional Acquisition Payment
Do you recommend any solicitor for my Buy-to-Let application?
No, we do not recommend any solicitor and are happy to work with a UK based solicitor of your choice. However, we do suggest you choose a solicitor with experience of conveyancing involving Shariah finance as the underlying documentation is different to a conventional mortgage. We can provide a list with all UK based solicitors with Shariah credentials. Please see this list here.
I have read that there could be a Capital Gains Tax liability with Buy-to-Let refinancing. Is this correct?
In respect of refinancing under a purchase plan, a share in the property to be financed is sold by the customer to the Bank (this share is then leased by the Bank to the customer). We understand that, on a strict reading of tax legislation, there is a potential capital gains tax charge triggered by this sale if it is deemed a disposal for CGT, there has been a gain in value for the customer since the property was purchased and no exemption, such as private residence relief, applies.
The customer should, if they deem it necessary, seek their own tax advice or make representations to HMRC in this regard. We are happy to provide details of the financing structure to assist with this.
Green Home Finance View all
Why are you offering Green Home Finance products?
The Bank is committed to reducing its own environmental impact and in October 2021 became operationally carbon neutral. We are working to align the business with the UN Sustainable Development Goals, having been a founding signatory to the United Nations Principles for Responsible Banking in 2019.
We are also committed to supporting customers that are looking to reduce their impact on the environment through our products. The launch of our Green Home Finance products is a natural progression and follows the launch of our highly successful Woodland Saver accounts in February 2021, that is supporting UK woodland growth.
What is the eligibility criteria for the Green Home Finance products?
In addition to our standard eligibility criteria, our Green Home Finance products are available where properties have a valid Energy Performance Certificate (EPC) rating of A or B.
What is an EPC rating?
EPC stands for Energy Performance Certificate and is a summary of your property's energy efficiency. Your home will need a valid Energy Performance Certificate (EPC) rating of A or B to be eligible to select one of our Green Home Finance products. You can check your property’s rating on the EPC Register.
If you’re moving into a new build home and your home is still being built, ask your house builder for the Energy Performance Certificate or predicted energy assessment.
What are the benefits of taking out a Green Home Finance product?
There are two benefits:
- You will benefit from a 0.10% reduction in the finance rate charged for the entire product term, compared to an equivalent standard product of the same type
- The Bank, at its own cost, will offset the carbon footprint of your property for the entire fixed term of the product (two or five years)
How have you worked out the carbon footprint of my property?
These figures have been provided by Forest Carbon, for the average consumption of Gas and Electricity of the average UK home. Based on this, the average UK household’s carbon emissions generated by heating and lighting a home are 2.9 tonnes of CO2 per year.
How will you offset the carbon emissions generated by my property?
We have teamed up with Forest Carbon to offset the carbon footprint of your property.
Forest Carbon partner on a range of natural based and clean energy projects, which include, carbon loss prevention (avoided deforestation, peatland protection, solar, wind and hydro projects) and carbon capture (from growing trees in new forests).
Are Green Home Finance products available to existing customers as well as new customers?
Yes. Once an existing customer reaches the end of their product term, the new Green Home Finance products will be made available to them, if they meet the eligibility criteria.
Can I make additional payments to my Buy-to-Let or Home Purchase Plan?
Depending on the product chosen, it may be possible to make Additional Acquisition Payments (often known as ‘lump sum’ payments) during a Fixed Rental Rate Period of your product. If this facility is available, full details are set out in the product information. Outside a Fixed Rental Rate Period, you can make Additional Acquisition Payments at any time subject to a minimum payment of £2,000.
Please note:
- When an Additional Acquisition Payment is made, if your account is on an Acquisition and Rent basis you will have the option to either:
- reduce your monthly payment and keep the finance term the same, OR
- reduce the outstanding finance term by keeping your monthly payment the same
- However, if your account is on a Rent Only basis your monthly payment will be reduced
- You will be advised of any new monthly payment amount after you have made the Additional Acquisition Payment
Home Finance - New Customers View all
Before you apply for Finance
What is a home purchase plan?
A home purchase plan is a Shariah-compliant mortgage alternative. You can use it just like a conventional mortgage to buy or refinance your home. For more information, please view our Home Purchase Plan video.
How does a home purchase plan work?
Your home purchase plan works in a similar way to a mortgage. Fixed and variable rates may be available, except they are not rates of interest but rental rates.
With a Shariah-compliant home purchase plan, you buy the property jointly with us. Your deposit is your stake, we hold the remaining stake and the property is registered in our name. We instruct a solicitor, who works alongside yours during the purchase process.
Your monthly payment is made up of either rent, if you have a Rent Only Purchase Plan, or rent and acquisition, if you have an Acquisition and Rent Purchase Plan. Rental rates are calculated to reflect the shares you and we own in the property.
- Acquisition and Rent product - This is the Shariah-compliant alternative to a conventional repayment (capital & interest) mortgage. Over the agreed finance term, you make a monthly payment consisting of a rental payment (for use of our share of the property) and an acquisition payment (to increase your share in the property). With each acquisition payment, your share increases, and ours diminishes. The make-up of your monthly payment changes over time. As our share of the property gets smaller, so does the rental portion of your payment, so more and more of the monthly payment goes towards the acquisition of our share. When all the payments are made, the property will be transferred into your name.
- Rent Only product - This is the Shariah-compliant alternative to a conventional interest-only mortgage. Over the agreed finance term, you make monthly rental payments (for use of our share of the property), but no acquisition payments, so your share doesn’t go up just by making your monthly payments. You undertake to acquire our share of the property at the end of the finance term. If you have a rent-only product, it’s your responsibility to look after any financial arrangements that you expect will provide a lump sum big enough for you to buy our share at the end of the Purchase Plan. When our entire share is acquired, the property will be transferred into your name. Please note that the Rent Only finance option for Home Purchase Plans is currently unavailable to new customers.
With both types of products, you can sell the property at any time, just like you can with a conventional mortgage. When you sell, you only have to pay the original cost of the property contributed by the bank along with an account settlement fee, and the Early Redemption Charge if applicable to your Purchase Plan, less any acquisition payments you may have made. Any increase in the property value benefits you, not us; but, just like with a conventional mortgage, a decrease in value also affects you. For more information, please view our Home Purchase Plan video.
Get a Decision in Principle View our products Our Home Purchase Plan video
Can I switch my existing home finance to Gatehouse Bank?
Yes, we can consider applications for refinancing. Please speak to one of our advisers.
- Get a Decision in Principle
- Complete our online form
- Call us, Monday to Friday 9.00am – 5.00pm
Can you provide advice and do you charge a fee?
We provide a full advice service for direct customers and we don’t charge fees for advice. We only advise on Gatehouse Bank products.
- Call us, Monday to Friday 9.00am – 5.00pm
- Complete our online form
Can I get finance before I have found a property?
We can provide a Decision in Principle which shows how much finance the Bank would be willing to provide in principle, based on how much finance you’re looking for and how much you are willing to contribute to the purchase.
How much Home Finance can I have?
UK residents - Find out how much finance we could provide in around 10 minutes by completing an online Decision in Principle. We will provide you a personalised indication without impacting your credit score. Get a Decision in Principle
UK Expats / International residents – Simply get in touch by using our online enquiry form, or alternatively you can telephone us - find out the different ways to get in touch
Home Finance - How much will it cost me?
It depends on the amount of finance you have and how long it takes you to purchase our share. Our advisers can discuss the cost in more detail, or your can get an idea for yourself with our handy online calculator.
I’m self-employed, can I still get finance?
Yes, we can consider your application if you have at least two year’s accounts, subject to affordability. Get a Decision in Principle
What is the minimum and maximum amount of finance available?
Our minimum and maximum amounts of finance available for both UK and non-UK residents can be found here, along with other key eligibility criteria.
What is the minimum property value for a home purchase plan?
The minimum property value for our Home Purchase Plans for both UK and non-UK residents may vary by the product chosen, details of which can be found here.
What is meant by the terms ‘rent only’ and ‘acquisition and rent’ products?
A rent-only product is a Shariah-compliant alternative to a conventional interest-only mortgage. An acquisition and rent product is a Shariah-compliant alternative to a conventional repayment (capital & interest) mortgage.
Products are available to UK residents, UK Expats and International residents looking to purchase or refinance residential property across England or Wales. We also offer Green Home Finance products which carry discounted rates and are only available for properties with a valid Energy Performance Certificate (EPC) rating of A or B – for more information please click here.
Finance term and fixed rate periods – when do they end?
All finance terms and fixed rate periods begin on the Completion date of your home finance and end on the last day of the calendar month in which the finance term/fixed rate period expires. An example of this would be as follows: A 2 year fixed rate period of a home finance product that Completes on 21 September 2024 would end on 30 September 2026 and if it has a finance term of 25 years, it will end on 30 September 2049.
What does FTV mean?
FTV or finance to value is the amount of finance expressed as a percentage of property valuation. For example, if a finance product has a maximum FTV of 80%, that means we will contribute up to 80% of the property valuation, and you will need to contribute at least 20% as your deposit. The maximum FTV for each product is stated on the product pages. In conventional finance this might be referred to as LTV or Loan to Value.
Can I buy my council Right to Buy or Right to Acquire property?
Sorry, we don’t currently offer finance for Right to Buy or Right to Acquire purchases.
Can you provide finance on an ex-local authority property?
We can consider certain types of ex-local authority properties. It is best to speak to one of our advisers in the first instance to check that the property type is acceptable.
- Complete our online form
- Call us, Monday to Friday 9.00am – 5.00pm
If Gatehouse Bank doesn’t charge interest, why do you advertise ‘%’ rates?
We advertise percentage rental rates so customers can compare our rates with those charged by other banks and building societies for similar products.
The Application Process
How do I apply for Home Finance?
Please get in touch with the team to start your application
- Get a Decision in Principle
- Complete our online form
- Call us, Monday to Friday 9.00am – 5.00pm
What happens after I apply and what is the process?
- For UK residents, simply complete our online Decision in Principle to give you and the seller / estate agent some comfort that you can obtain the finance required to purchase your dream property. For UK Expats and International residents simply get in touch by using our online enquiry form, or alternatively you can telephone us
- You find a property you like and agree a price with the seller
- You call us to complete the full application and supply the supporting documents we ask for
- Once your application and your supporting documents are in order, there will be a property valuation that you will need to pay for in advance
- Once we have satisfactory property valuation, we make you an offer of finance
- We each instruct our solicitors, who work together to complete the conveyancing process
- Legal completion takes place, and then you can pick up keys to the property
Home Finance - How long does the process take?
It’s usually 2-4 weeks from the initial application to an Offer of finance being issued, as long as you send us the documents we need promptly, and we get an acceptable property valuation.
Then it’s usually another 12-16 weeks from receiving a signed Offer of finance to legal completion as long as all the right documents are submitted to the solicitors and satisfactory legal reports are received.
What are the fees and charges for home finance applications?
Our Tariff of Charges gives details of the charges payable in connection with finance applications and additional administration charges following completion.
Home Finance - Why are there two sets of solicitors involved?
Because there are two buyers involved: you and the Bank. We have separate solicitors so that we are independently represented without conflicts of interest that could arise if the same solicitor acted for both parties.
Do you recommend any solicitor for my home finance application?
No, we do not recommend any solicitor and are happy to work with a UK based solicitor of your choice. However, we do suggest you choose a solicitor with experience of conveyancing involving Shariah finance as the underlying documentation is different to a conventional mortgage. We can provide a list with all UK based solicitors with Shariah credentials. Please see this list here.
What about property valuation and survey reports?
We have to obtain report on the value of the property you want to buy. We use a Standard Valuation Report for the sole purpose of assessing whether the property is adequate as security for the finance arrangement we’re proposing to enter into with you. It’s designed to give us the information we need to decide whether to finance the property.
It’s important to know that a Standard Valuation Report may not reveal defects in the property, and it’s important that you don’t rely on it in any way when deciding whether to go ahead with the purchase. We recommend you get a more detailed report, so you can decide if the property is suitable for you. There are two main types of more in-depth inspection - a Homebuyers Report and a Building Survey Report. You can learn more about them on the Money Helper government website.
Will I pay stamp duty?
Stamp duty may be applicable to your purchase. For more information, please refer to www.gov.uk/stamp-duty-land-tax/residential-property-rates
Once you have purchased/refinanced your property
Do I have to take out building insurance?
Yes, it’s a condition of the finance we provide that you have suitable buildings insurance in place.
Can I buy the bank’s share sooner than originally agreed?
Yes. You can buy us out sooner than agreed, but depending on the product chosen an Early Redemption Charge may be payable. Full details are set out in the product information. There is an account settlement fee, as set out in our Home Purchase Plan Tariff of Charges. For more information, please contact us or view our Home Purchase Plan video.
Home Finance - What happens if I want to sell the property?
You can sell the property at any time, just like you can with a conventional mortgage. When you sell, you will purchase the bank’s outstanding share at the original cost of the property contributed by the bank (less any acquisition payments you may have made), because we commit to selling our share of your property at a set price: the amount that we contributed at the start of the agreement. Please note that depending on the product chosen an Early Redemption Charge may be payable. For more information, please view our Home Purchase Plan video.
Will you benefit from any increase in value if I sell the property?
No. Our products are designed so that any increase in value benefits you, not us. We commit to selling our share of your property at a set price: the amount that we contributed at the start of the agreement less any acquisition payments you may have made.
However, just like with a conventional mortgage, a decrease in value also affects you. This is because you have given us an undertaking to purchase our share at the original cost of the property contributed by the bank. For more information, please view our Home Purchase Plan video.
Can I make additional payments to my Home Purchase Plan?
Depending on the product chosen, it may be possible to make Additional Acquisition Payments (often known as ‘lump sum’ payments) during a Fixed Rental Rate Period of your product. If this facility is available, full details are set out in the product information. Outside a Fixed Rental Rate Period, you can make Additional Acquisition Payments at any time subject to a minimum payment of £2,000.
Please note that:
- When an Additional Acquisition Payments is made, if your account is on an Acquisition and Rent basis you will have the option to either:
- reduce your monthly payment and keep the finance term the same, OR
- reduce the outstanding finance term by keeping your monthly payment the same
- However, if your account is on a Rent Only basis your monthly payment will be reduced
- You will be advised of any new monthly payment amount after you have made the Additional Acquisition Payment
What happens at the end of my fixed term period?
You will have a number of options available.
- You will be offered a product from the range available to new or existing customers
- You can revert to our Standard Variable Rate (SVR)
- You can refinance to another provider, although we hope that our service provided and products available will mean that you don’t feel the need to do this
Are Early Redemption Charges payable on home purchase plans?
Depending on the product chosen an Early Redemption Charge may be payable if you make Additional Acquisition Payments (often known as ‘lump sum’ payments) or redeem your Purchase Plan during a Fixed Rental Rate Period. Full details are set out in the product information.
Home Finance - Existing Customers View all
What happens when my product is coming to an end?
You will have a number of options available:
- You will be offered a product from the range available to new or existing customers
- You can revert to our Standard Variable Rate (SVR)
- You can refinance to another provider, although we hope that our service provided and products available will mean that you don’t feel the need to do this
We’ll contact you approximately 3 months before your product expires to advise you of the current products available, which will include full details of how to switch to another product.
How do I redeem or settle my finance with the Bank?
You can settle your finance (or redeem) earlier than originally agreed, but depending on the product chosen an Early Redemption Charge may be payable. Full details are set out in the product information. There is an account settlement fee, as set out in our home finance Tariff of Charges. For more information, please contact us:
- Within UK: 08000 353 253 (Mon-Fri, 9am-5pm)
- Outside UK: +44 20 7070 6960 (Mon-Fri, 9am-5pm UK time)
- gatehouse.servicing@gatehousebank.com
- Postal address: Gatehouse Bank, PO Box 79724, London, EC2P 2TR
Are Early Redemption Charges payable?
Depending on the product chosen an Early Redemption Charge may be payable if you make Additional Acquisition Payments (often known as ‘lump sum’ payments) or redeem your Purchase Plan during a Fixed Rental Rate Period. Full details are set out in the product information.
How do I request an account statement?
To request an account statement, please contact us using the details below.
- Within UK: 08000 353 253 (Mon-Fri, 9am-5pm)
- Outside UK: +44 20 7070 6960 (Mon-Fri, 9am-5pm UK time)
- gatehouse.servicing@gatehousebank.com
- Postal address: Gatehouse Bank, PO Box 79724, London, EC2P 2TR
How do I make changes to my payment date, direct debit or payment method?
Please contact us confirming the changes you would like to make using the details below. Please note, it is wise to allow a minimum of 10 working days before your payment is due to ensure that the changes take effect for your next payment cycle.
- Within UK: 08000 353 253 (Mon-Fri, 9am-5pm)
- Outside UK: +44 20 7070 6960 (Mon-Fri, 9am-5pm UK time)
- gatehouse.servicing@gatehousebank.com
- Postal address: Gatehouse Bank, PO Box 79724, London, EC2P 2TR
Can I make additional payments (or overpayments) to my home finance plan?
Depending on the product chosen, it may be possible to make Additional Acquisition Payments (often known as ‘lump sum’ payments) during a Fixed Rental Rate Period of your product. If this facility is available, full details are set out in the product information. Outside a Fixed Rental Rate Period, you can make Additional Acquisition Payments at any time subject to a minimum payment of £2,000.
Please note that:
- When an Additional Acquisition Payments is made, if your account is on an Acquisition and Rent basis you will have the option to either:
- reduce your monthly payment and keep the finance term the same, OR
- reduce the outstanding finance term by keeping your monthly payment the same
- However, if your account is on a Rent Only basis your monthly payment will be reduced
- You will be advised of any new monthly payment amount / revised term after you have made the Additional Acquisition Payment
For more information, please contact us using the details below:
- Within UK: 08000 353 253 (Mon-Fri, 9am-5pm)
- Outside UK: +44 20 7070 6960 (Mon-Fri, 9am-5pm UK time)
- gatehouse.servicing@gatehousebank.com
- Postal address: Gatehouse Bank, PO Box 79724, London, EC2P 2TR
How do I make changes to my contact details?
To update your email address or telephone number, please contact us using the details below:
- Within UK: 08000 353 253 (Mon-Fri, 9am-5pm)
- Outside UK: +44 20 7070 6960 (Mon-Fri, 9am-5pm UK time)
- gatehouse.servicing@gatehousebank.com
- Postal address: Gatehouse Bank, PO Box 79724, London, EC2P 2TR
To update your correspondence address:
Please email gatehouse.servicing@gatehousebank.com from your registered email address along with a copy of a Bank Statement or Utility Bill (dated within the last 3 months) showing your new correspondence address.
How do I make changes to my home finance agreement? (e.g. adding/removing an account holder or changing the term)
To request key changes to your existing home finance agreement, please contact us to discuss the change you would like to make. We will assess your request and confirm the options available. Please contact us using the details below:
- Within UK: 08000 353 253 (Mon-Fri, 9am-5pm)
- Outside UK: +44 20 7070 6960 (Mon-Fri, 9am-5pm UK time)
- gatehouse.servicing@gatehousebank.com
- Postal address: Gatehouse Bank, PO Box 79724, London, EC2P 2TR
What happens if I’m facing financial difficulties or are worried I may do?
We understand that circumstances can change for many different reasons, sometimes causing financial hardship. All we ask is that you talk to us as soon as possible if you find yourself in financial difficulty. Talking about payment problems early on often makes them easier to resolve. To help our customers, we have a dedicated page on our website which can be found here.
My circumstances have changed, I need further assistance, how can you help?
Unexpected life events, physical and mental health conditions, caring responsibilities and even financial crime can have a huge impact to our lives. If you have had a recent change in circumstances or need help in accessing our services for whatever reason, please let us know, so we can ensure your personal needs and circumstances are taken into consideration. Further information and practical support can be found here.
Can I make home improvements to my property?
As detailed in the finance agreement you signed:
- You are not to pull down, alter, add to or in any way interfere with the construction or arrangement of the Property without the consent of Gatehouse Bank, which will not be unreasonably withheld, provided that any requisite statutory or public authority consent has been obtained.
Please email gatehouse.servicing@gatehousebank.com with details of any home improvements you intend to make along with any requisite statutory or public authority consent you have obtained for the Bank’s consideration.
Can I change the use of my property?
To request a change of use for your property, please contact us to discuss the change you would like to make. We will assess your request and confirm the options available. Please contact us using the details below:
- Within UK: 08000 353 253 (Mon-Fri, 9am-5pm)
- Outside UK: +44 20 7070 6960 (Mon-Fri, 9am-5pm UK time)
- gatehouse.servicing@gatehousebank.com
- Postal address: Gatehouse Bank, PO Box 79724, London, EC2P 2TR
What about paying utility bills, ground rent and service charges?
It is your responsibility to pay all outgoings including charges for electricity, gas, metered water (if appliable), drainage and telecommunications facilities supplied to the Property (including any reconnection fees and standing charges).
In addition, it is your responsibility to pay all assessments, charges, impositions, outgoings, rates and taxes, Council Tax (or any tax introduced to replace Council Tax) and water rates (if any) assessed on the Property or the occupation of the Property or otherwise.
You should update utility and management companies with your correspondence details so they can communicate with you directly.
What happens if I want to sell my property?
You can sell the property at any time, just like you can with a conventional mortgage. When you sell, you will purchase the bank’s outstanding share at the original cost of the property contributed by the bank (less any acquisition payments you may have made), because we commit to selling our share of your property at a set price: the amount that we contributed at the start of the agreement. Please note that depending on the product chosen an Early Redemption Charge may be payable. For more information, please view our Home Purchase Plan video.
How do I make a complaint?
We have an established complaints procedure, details of which can be found on our website here.
What happens if I/my partner die during the finance term?
We appreciate that sorting out these issues may be the last thing on your mind. If you would like to talk to someone to help you through the steps you need to take, please contact us.
You should be advised by your own solicitor on what will happen if you/your partner die during the finance term. Ordinarily, in the event of death, a customer’s share in the property would pass to their heirs in accordance with a will or the rules of intestacy.
It is important to note, that in the event of non-payment or default under the terms of the Diminishing Musharaka Agreement, this would entitle the Bank to require the heirs to purchase the Bank’s share of the property for the outstanding amount of the Bank’s contribution (finance amount), enforce security or take possession of the property. However, in these unfortunate circumstances, the Bank would engage with the heirs to see if they wish to take over the finance, subject to meeting our relevant criteria at the time, or arrange an orderly sale of the property to settle the finance.
How do I update my marketing preferences?
To update your marketing preferences using our online form, please click here.
Savings - Existing Customers View all
How can I update my account details?
Please log in to your online account, and select ‘Change Details’ from the main menu of the Account Summary page. When the page loads, you’re able to change your:
- Name
- Address
- Contact Details
- Email Address
- Password
- Memorable Details
- Marketing Preferences
- Nominated Account
Please note, if you are changing your name, we’ll also need to see one of the following documents:
- A copy of your Marriage Certificate
- A copy of your Deed Poll or Statuary Declaration
- A copy of your Decree Absolute, which must show the name
Send your documents to our Freepost address:
Gatehouse Bank,
FREEPOST RTJZ-UZHK-TZGT,
PO Box 861,
Wallsend,
NE28 5BP
If you elect to send originals, then we recommend you use recorded post or special delivery. We will return any originals we receive. However, it is safer to just send us certified copies. [Please see list of who can certify a document here].
Please note, if using our Savings App you will currently only be able to change your contact details and marketing preferences.
I need to contact you regarding a payment query?
Any movements of money either in or out of your account requested before 1pm on a working day (Monday – Friday), will reach your account by close of business the same day. If you request after 1pm, the money will be transferred the next working day (Monday – Friday, excluding public and seasonal holidays). If you require more information, please see our Savings FAQs. You can also call us Monday to Friday 9.00am – 5.00pm (UK time) on:
- (Within UK) 0345 600 3350.
- (Outside UK) +44 191 622 1183
How do I find my account number?
You can find your 7-digit account number in the welcome pack we originally sent you, on the account summary page when logged onto your online account, or through our Savings App.
How can I transfer my Cash ISA to another savings provider?
If you wish to transfer your Cash ISA to a different provider, please note that you will need to contact your new provider to request this. The new provider will ask you to complete an ISA transfer form, which they will send on to us to action the transfer.
When completing the ISA transfer form of your new provider, please make sure you include your account number where they request your roll or reference number.
Please remember that if you hold one of our Woodland Cash ISAs a term breakage may apply, so do check the product Terms and Conditions for details.
How can I check the expected profit rate on my account?
You’re able to check your expected profit rate and profit payments through the Savings App, or by logging into your online account.
I have forgotten my User ID – how do I find it?
At the bottom of the login page, you’ll see a link to request a User ID reminder. Click/tap on this link and follow the on-screen instructions. You’ll need to provide your surname, mother’s maiden name and the email address registered on the account.
I have forgotten my password – how do I reset it?
At the bottom of the login page, you’ll see a link to reset your password. Click/tap on this link and follow the on-screen instructions. You'll need to provide your User ID and the email address registered on the account.
I am locked out of my account – how do I unlock it?
If you find yourself locked out of your account, simply give us call us Monday to Friday 9.00am – 5.00pm (UK time) on:
- (Within UK) 0345 600 3350.
- (Outside UK) +44 191 622 1183
I suspect fraud on my account, or my details have been compromised – what should I do?
Please call us immediately Monday to Friday 9.00am – 5.00pm (UK time) on:
- (Within UK) 0345 600 3350.
- (Outside UK) +44 191 622 1183
We will be able to temporarily suspend your account to protect your savings.
I need to inform you of the death of an account holder – what should I do?
We recognise that this can be a very difficult time for your and your family, but please be rest assured our Contact Centre is available to offer support and guidance through this process. Please call us Monday to Friday 9.00am – 5.00pm (UK time) on:
- (Within UK) 0345 600 3350
- (Outside UK) +44 191 622 1183
To register the death on the account, we require a photocopy or original of the Death Certificate, along with a signed and dated cover letter. If you have any questions regarding the account, you can include these in the cover letter.
Please send the documentation to our Freepost address:
Gatehouse Bank
FREEPOST RTJZ-UZHK-TZGT
PO Box 861
Wallsend
NE28 5BP
I need to download documents and forms relevant to my account – where can I find these?
You can find relevant forms relating to your account here. For anything else please email us on info@gatehousebanksavings.com.
My circumstances have changed, I need further assistance, how can you help?
Unexpected life events, physical and mental health conditions, caring responsibilities and even financial crime can have a huge impact to our lives. If you have had a recent change in circumstances or need help in accessing our services for whatever reason, please let us know, so we can ensure your personal needs and circumstances are taken into consideration. Further information and practical support can be found here.
How do I make a complaint about my savings account?
We have an established complaints procedure, details of which can be found on our website here. To make a complaint about your savings account, our contact details are as follows:
- By telephone: Within UK: 0345 600 3350 (Mon-Fri, 9am-5pm)
- By telephone: Outside UK: +44 191 622 1183 (Mon-Fri, 9am-5pm UK time)
- By email: info@gatehousebanksavings.com
- By post: Gatehouse Bank, PO Box 861, Wallsend, NE28 5BP
We will try to resolve your complaint as quickly and fairly as possible. If you’re still unhappy, you have the right to refer your complaint to the Financial Ombudsman Service (FOS) at complaint.info@financial-ombudsman.org.uk
How do I download and access the Savings App?
We have a dedicated Gatehouse Bank Savings App available to all existing customers which can be downloaded from the Apple Store and Google Play. To find out more and download our Savings App, click here. You can also view all our Savings App FAQs here.
How do I update my marketing preferences?
To update your marketing preferences using our online form, please click here.
I have a number of other questions – is there a page where I can find the answers I’m looking for?
- We have Savings FAQs (Frequently Asked Questions), covering a wide range of topics. To view all, please click here
- We have FAQs dedicated to our Savings App. To view, please click here
- If you cannot find the answer you are looking for in the above FAQs, please contact us
Who can certify a document?
These individuals can certify photocopies of a document:
- Employees of Gatehouse Bank (for documentation that they have had sight of the original)
- A qualified solicitor registered with the relevant national professional body
- A qualified accountant registered with the relevant national professional body
- A Notary Public
- A member of the Judiciary
- A director, manager or counter staff of a bank or an authorised credit or financial institution
- An Embassy, Consulate or High Commission Officer
- A Commissioner of Oaths
- Documentation Certification Service from the Post Office (UK Only)
Savings App View all
Setup and registration
Who can use the Savings App?
Our Savings App can be used by any customer with a Gatehouse Bank online savings account.
How do I download the app?
You can download at the relevant app store:
- Google Play Store (for Android devices)
- Apple App Store (for iOS devices)
How do I activate the Savings App?
Once you have downloaded and installed our Savings App, follow the instructions below to register and activate:
- Open the app and confirm that you’re an existing customer
- Enter your online services username and password
- Provide the requested characters from your security question
- Create and confirm your 6 digit app PIN
- Enable biometric login (if supported on your device)
- Review and agree to the terms & conditions
- You can then access the app and view your savings account(s)
What devices and accounts can I use?
What mobile devices does the app run on?
Our Savings App is available on Apple iPhone or Android smartphones or tablets operating on the latest versions.
To find out which mobile operating system your smartphone is running, please follow the instructions below (this may differ slightly from device to device depending on the version you’re running):
- Apple iPhone: Select settings > ‘General-About-Version (iPhone)’ or ‘Settings-About-Phone Software’ information
- Android: Select ‘Settings-About-Phone Software’ information
Please note: The app will not work on older devices that are unable to upgrade to these operating systems.
Can I use the app on a tablet device?
Our Savings App may be downloaded and used on Apple iPads running iOS 11 (or above) and Android tablets Version 7.1 (or above), however it will be an up-scaled version of the mobile app.
To enlarge the screen on an iPad, open the app and tap on the icon in the bottom right hand corner.
The app will automatically enlarge to fill the screen on an Android tablet.
Can more than one account holder register on the same device?
No. For security reasons, only one registered customer can access the app on a single device.
What are biometrics?
Biometrics are biological measurements - or physical characteristics - that can be used to identify individuals, such as facial recognition or fingerprint scanning.
Biometrics are available on various devices to allow you to easily log in to your app. The type of biometrics available depends on your device.
Can I view other accounts with other providers within this app?
We do not currently offer this feature, but this may change over time as we develop our Savings App further and release more features and updates.
How do I update the app when new updates are available?
To continue to use our Savings App, you’ll need to use the latest version of the app. Please visit the relevant app store, depending on the device you use, to update to the latest version.
Why does the app have an update required?
We are constantly adding new features and improvements to our Savings App and we deliver these to you via app updates.
To ensure that you have the best experience in using our Savings App, you will always need to use the latest version of the app, available from the relevant app store.
Why am I having trouble updating the app?
If you can’t find the latest version of our Savings App within the relevant app store, this means your mobile device will not allow the latest version to be downloaded. However, you can continue to access your account via our website.
Can I move the app to a different device if I upgrade my device, or do I have to re-register?
If you’re upgrading your device, you will need to re-register via our Savings App once you’ve downloaded it from the relevant app store onto your new device.
Security
How secure is the app?
Security is paramount to our services. Access to our Savings App is via biometric touch / face login or PIN entry. Your login method is uniquely linked to the mobile app on your device. This means only your login works on your app.
We regularly test, update and validate our security to ensure we maintain a high grade of protection. We also use recognised and independent security experts to validate the security of our app.
Someone else may know my online account password – what should I do?
It is important that only you know your account password. You cannot update this password via the app so please contact us by telephone to reset your password, or request a reset via our website. Our number is (within UK) 0345 600 3350 or (outside UK) +44 191 622 1183 and we are open Monday to Friday, 9am-5pm.
What do I do if I suspect fraud on my account?
Please contact us directly via telephone to discuss your concerns. Our number is (within UK) 0345 600 3350 or (outside UK) +44 191 622 1183 and we are open Monday to Friday, 9am-5pm.
If you are not sure what to look out for when it comes to fraud, learn more on our dedicated page we have to keep our customers safe online.
Can I change my password?
You can’t change your account password via our Savings App, however you can change your password by logging in to your online account. Alternatively, you can call us to reset your password. Our number is (within UK) 0345 600 3350 or (outside UK) +44 191 622 1183 and we are open Monday to Friday, 9am-5pm
I’m locked out of my account, how can I reset my password?
You can call us to reset your password, or request a reset via our website. Our number is (within UK) 0345 600 3350 or (outside UK) +44 191 622 1183 and we are open Monday to Friday, 9am-5pm.
How do I update my biometric data (fingerprint / face login)?
Your fingerprint and / or facial ID can be changed and updated within your device’s settings and permissions.
How do I change the PIN I use to access the app?
You can change your PIN by accessing the profile menu within the app, then select ‘Change PIN’.
How do I turn the biometrics functionality on and off?
You can change your biometric functionality by accessing the Settings menu within our Savings App, then select ‘Biometric Settings’.
Operating an account
How do I view my balance?
Once logged into our Savings App, your savings account balances will display on the main Account Summary screen.
Can I move money from my savings account to my nominated account using the Savings App?
Yes, you can move funds to your nominated account by using the ‘Transfer’ button within our Savings App and selecting ‘Linked Account’.
Can I withdraw money to anywhere other than my nominated bank account?
Yes, you may transfer money to any online account held with us, where the terms of the account allow this. Select the account from the list of accounts held within the ‘Transfer’ option.
Can I pay money into my savings account using the Savings App?
To pay money into your savings account, click on the ‘Pay In’ button and follow the instructions in our Savings App, which will guide you through the steps to do this.
Can I set savings goals?
Setting up savings goals isn’t something you’re able to do at the moment within our Savings App. However we’re developing future functionality to support this and other features which we hope to release in the near future.
Can I view my statement via the Savings App?
You can click on any of your accounts to display a list of transactions and details.
Can I filter / search transactions within the Savings App?
No, however you can scroll through your transactions and view further details on each item displayed. This may change over time as we develop our Savings App further and release more features and updates.
Can I set up and or cancel future payments?
Yes, you can set up future payments from Easy Access accounts by using the ‘Transfer’ button within our Savings App and selecting a future date. You can cancel any future payments within the Statements screen and selecting ‘Pending Transactions’.
Are there any charges for operating my account via the Savings App?
Your use of our Savings App is free of charge. However, your internet or service provider may charge for using data on your smartphone or tablet device.
Can I update my Personal Details i.e. name/address/email address via the Savings App?
Yes, you can update your email address, contact numbers and Marketing Preferences in our Savings App.
You can also view your name and address details. If these need changing you can update your address details within online banking and call us on a name change.
You can call us on (within UK) 0345 600 3350 or (outside UK) +44 191 622 1183, Monday to Friday, 9am-5pm.
Can I change / view my nominated account via the Savings App?
Managing your nominated account isn’t something you’re able to do at the moment within our Savings App. However, we’re developing future functionality to support this and other features which we hope to release in the near future.
Can I add / remove an account holder via the Savings App?
Adding or removing account holders isn’t something you’re able to do at the moment within our Savings App. However, we’re developing future functionality to support this and other features which we hope to release in the near future.
What happens if I need to talk to someone?
You can contact us via the FAQ & Help section within our Savings App or via your secure messages through your online account. You can also call us on (within UK) 0345 600 3350 or (outside UK) +44 191 622 1183, Monday to Friday, 9am-5pm.
Does the Savings App support screen reader functionality?
Our Savings App has been designed and developed to be compatible with screen reader user preference settings.
Does the Savings App support large text sizes?
Our Savings App has been designed and developed to support large text user preference settings.
Can I send and receive secure messages via the Savings App?
Secure messaging isn’t currently supported within our Savings App. However, we’re developing future functionality to support this and other features which we hope to release in the near future.
Is there web chat and or video chat via the Savings App?
Web and video chat isn’t currently supported within our Savings App. However, we’re developing future functionality to support this and other features which we hope to release in the near future.
How can I close my savings account?
Where the terms of your savings account allow this, you would need to make a total withdrawal of the balance of your account - in doing so, this will cause your account to be closed.
Shariah Finance View all
What is Shariah finance?
Shariah finance principles are derived from Islamic teachings and encourage ‘fair play’ that promotes fairer, more socially responsible ways of conducting financial affairs. Products and services that are ‘Shariah-compliant’ are available to all and suitable for both Muslims and non-Muslims alike.
Shariah principles promote trade and enterprise to generate real wealth for the benefit of the community as a whole. It does this in a way that provides stability, is transparent and facilitates the sharing of both risk and reward in an equitable way.
Read more about the differences between Shariah and conventional finance
Isn’t Shariah finance just for Muslims?
No. Shariah-compliant products and services are available to all and suitable for both Muslims and non-Muslims. In fact, many non-Muslims actively choose Shariah-compliant products and services because they view them as ethical, fairer, more socially responsible and transparent, and because of the competitive range of products.
How does Shariah finance differ from conventional finance?
There are some key differences between Shariah finance and conventional finance:
• Finance and investments must not be used to support industries or activities that are against the Shariah principles. These include alcohol, tobacco, pork and non-halal meat production, gambling, adult entertainment, and arms.
• Money must be put to a good use to generate profit supported by a genuine trade or business related activity. The giving or receiving of interest (making ‘money from money’) is prohibited.
Read more about the differences between Shariah and conventional finance
How does Gatehouse Bank ensure its finance products are Shariah compliant?
We have a Shariah Supervisory Board (SSB) made up of individual Shariah experts who are independent from the Bank, but are active in overseeing our operations. The SSB is formally appointed by the Board of Directors, but reports directly to the Bank’s shareholders. The SSB has an oversight of the Bank’s activities, including transaction documentation and other contractual obligations we may enter into. In addition, please view our Shariah Supervisory Board page or watch our A Different Way video.
Our Shariah Supervisory Board Gatehouse Bank - A Different Way
Do only foreign banks offer Shariah compliant finance in the UK?
No, many British banks offer Shariah-compliant finance products to UK customers. Gatehouse Bank is a regulated UK bank, founded in 2007 and headquartered in London - we’re not a subsidiary or branch of an overseas bank.
Why do your savings accounts pay profit not interest?
Payment and receipt of interest isn’t permitted under Shariah principles - it’s thought that money shouldn’t be generated from money. It’s also thought that money shouldn’t be left idle, but put to good use through trade that’s consistent with Shariah principles. So, we put your savings to work to earn a profit. To date, we have always paid our customers the expected profit rate.
For more information, please view our Savings video.
Where is my money invested?
To comply with Shariah principles, we don’t make investments involving excessive uncertainty, gambling or speculation - criteria that many responsible investors adopt regardless of religious convictions.
Our Shariah-compliant status also means that deposits and investments we receive are never used to support non-compliant activities or sectors: this includes alcohol, tobacco, pork and non-halal meat production, gambling, adult entertainment, and arms.
Examples of eligible investments include construction projects, certain real estate investments and sukuk (sometimes known as Islamic bonds). For more information, please view our Savings video.
Product Switch FAQs View all
General Product Switch FAQs
What should I do if my fixed rate product is ending soon?
We will contact you approximately 4 months before your current product expires. If you want to switch to a new product, you can move to a new rate straight away or wait until the current product ends.
How early can I switch to a new product?
If you are on a fixed rate, you can switch to a new product up to 4 months before your current product expires and we will waive any applicable Early Redemption Charge (ERC).
If you’re currently on a variable rate you can switch any time, with your new product starting from the 1st of the next month.
Can I make an additional payment?
You can make an additional acquisition payment (AAP) (subject to a minimum of £2,000) up to 4 months before the end of your fixed rate product, free of any Early Redemption Charges (ERC) if you’re moving onto a new fixed-term product with us. If you’re on a variable rate, you can make an AAP at any time, free of ERCs.
Once on a new fixed rate, you can pay up to 10% (subject to minimum payment of £2,000) of the outstanding finance balance in each anniversary year without incurring any charge. Any AAP made in excess of 10% of the outstanding finance in each anniversary year will be subject to an Early Redemption Charge. An AAP made will be deducted from the outstanding finance amount. Any AAP limits not used during the anniversary year can’t be carried over to a subsequent anniversary year. Full details of Early Redemption Charges can be found in your Key Facts Illustration.
Can I take out additional finance on my account?
If you want to take out additional finance or make material changes to your existing finance with us, we might be able to consider a refinance application. You’ll need to contact us to discuss your requirements and circumstances with one of our advisers:
UK: 08000 353 050
International: +44 20 7070 6080
Alternatively, you can contact a broker or financial adviser for advice.
Will I be charged a fee?
We may charge a fee depending on the product chosen, which will need to be paid upfront at the time you switch the product. Any fees associated with a product switch can be found in the Key Facts Illustration.
Will I have to pay an Early Redemption Charge when redeeming my finance?
An Early Redemption Charge (ERC) may be payable if you redeem your purchase plan during a fixed rental rate period.
Details of any ERCs that may apply will be shown in the Key Facts Illustration.
What happens once I have agreed to proceed with the new product?
We will email you telling you when the switch will take effect and to confirm your new monthly payment.
If you pay by direct debit, you do not need to do anything and we will adjust the monthly payment collected from your bank account.
If you pay by any other means than direct debit, please ensure that you adjust the monthly payment made to us.
Will my payment method change?
Your payment method will not change unless we’re instructed by a registered account holder.
We would encourage you to let us take the administration of payment, by opting for a direct debit. Please contact us and we will be happy to arrange this for you.
What happens if I change my mind?
It’s important to consider all your options before choosing a new product. Once your new product begins, we are unable to accommodate changes to the chosen product.
What do I need to apply online?
We’ll send you a link to our portal approximately 4 months before your product expires. It will take about 10-15 minutes to complete, and you’ll need your 9-digit account number and a payment card with you to pay any applicable product fee, as well as the permission to make the switch from any other parties to the purchase plan.
What do the different repayment types mean?
A rent-only product is a Shariah-compliant alternative to a conventional interest-only mortgage. An acquisition and rent product is a Shariah-compliant alternative to a conventional repayment (capital & interest) mortgage.
Can I get advice?
If you have a home purchase plan, we can arrange for you to speak to one of our qualified advisers who can provide advice on the most suitable product.
UK: 08000 353 050
International: +44 20 7070 6080
Alternatively, you can speak to your broker or independent financial adviser.
If you have Buy-to-Let finance, we cannot offer advice on your product switch therefore you should speak to a broker or independent financial adviser for assistance.
Using the online product switch portal FAQs
What account number do I need to use to start the process?
You should use the 9-digit account number in the correspondence regarding the product switch or in any recent correspondence you may have received from us.
Why is my account not eligible to switch to a new product?
This could be for several reasons, but the most likely reason is that your current product is not due to expire within the next 4 months.
You can still switch to a new product earlier than this; however, this can’t be handled by our portal and early redemption charges may apply. Please contact our Customer Service team for more information.
How have you calculated my current property value and what do I do if I believe this is incorrect?
A physical re-valuation of your property isn’t undertaken, but we do receive updates of the estimated property value using an automated valuation model. In relation to your product switch, this data is used to calculate which of our finance-to-value (FTV) bandings the property falls into.
If you feel that the valuation is incorrect, you can contact our Customer Service team and we can arrange for an independent RICS valuation to be conducted for a fee.
Why do you record the Energy Performance Rating (EPC) rating and what do I do if I believe this is incorrect?
We offer green home finance products which carry discounted rates and are only available for properties with a valid energy performance certificate (EPC) rating of A or B – for more information, click here.
If you have made improvements to your property since the last time the certificate was obtained you can request for a new assessment to take place and contact us to update your records once this has been completed. Further information regarding your EPC can be found at https://www.gov.uk/find-energy-certificate
What is the difference between a 2-year and 5-year product?
This refers to the length of time that the fixed rental rate and monthly payment will remain constant before your outstanding finance rolls onto a variable rate.
Do I have to pay any fees?
Your new fixed-term product can’t be completed unless any applicable fees are paid first. Please have your chosen payment card to hand, as fee payments will be taken through your online journey.
Why do the start dates for my new fixed-rate product always begin at the beginning of the month?
As of October 2024, all our new products start at the beginning of the month.
We will honour your existing rate until the end of the month before your new product begins if:
- Your existing rate ends mid-month.
- Your existing rate is lower than the follow-on variable rate.
- You have completed your product switch and paid any applicable fees before the end of your existing fixed-rate maturity date.
Need to talk?