Gatehouse Bank launches refinance products for UK residents with no product or application fees

Gatehouse Bank has launched limited edition two- and five- year Home Purchase Plan* (HPP) refinance products for UK residents, with no product or application fees.

The new products offer up to 80% Finance-to-Value** (FTV) on both new-build and existing properties, with a maximum FTV of 75% on new-build flats. The maximum finance amount that can be provided by the Bank is £5 million and customers will be eligible to receive one free standard valuation when they apply.

Rental rates*** on Gatehouse Bank’s limited edition HPP refinance products start from 5.63% for a five-year fixed term and 5.68% for a fixed term of two years.

Gemma Donnelly, Head of Customer Propositions at Gatehouse Bank, commented: “We are seeing growing demand for refinancing products that give customers greater choice and flexibility as they come to the end of their current fixed-rate deals.

“Regardless of whether a customer owns their home outright, currently finances it through a Shariah-compliant provider, or has a conventional mortgage, we are committed to helping people across the UK access competitive, straightforward and cost-effective property finance that meets their needs.”

A full list of Gatehouse Bank’s Home Purchase Plans is available here.

*A Home Purchase Plan is a Shariah-compliant alternative to a mortgage.

**Finance to Value (FTV) is the amount of finance expressed as a percentage of the property valuation, which may be referred to as loan-to-value (LTV) in conventional finance.

***As a Shariah-compliant bank, Gatehouse charges rental rates rather than interest rates, which reflect the share the customer owns of the property.