Gatehouse Bank reduces Home Purchase Plan rates and enhances range of products
- Rental rate reductions* of 0.50 percent announced on Gatehouse Bank’s range of Home Purchase Plans (HPP)**
- HPP products with a finance to value (FTV)*** of up to 90 percent are now available, with finance up to £500,000
- Two-year fixed term Home Purchase Plans for UK expats and international residents have been reintroduced
Gatehouse Bank has today announced changes to its Home Purchase Plan products.
The Bank has cut rental rates on its Home Purchase Plans by 0.50 percent. Available to UK residents, UK expats and international residents, these reductions apply to new customers and existing customers coming to the end of their fixed-term products, who will be offered the new rental rates automatically.
Gatehouse Bank has also reinstated a maximum FTV of up to 90 percent for HPP products, with a maximum finance limit of £500,000. The products are available on new build houses and flats up to the full FTV and are open to all, including those moving home or refinancing as well as first-time buyers.
As part of this reprice, Gatehouse Bank has reintroduced its two-year fixed term HPP products for UK expats and international residents, including green equivalents for suitable properties. The Bank’s green home finance products offer a reduced rental rate for customers acquiring or refinancing a property with an EPC rating of A or B. Gatehouse Bank also offsets the carbon emissions generated by the average UK property for the product’s initial fixed-term and for as long as the customer remains with the Bank with a qualifying property.
John Mace, Senior Product Manager at Gatehouse Bank, commented: “We are delighted to introduce these rental rate reductions across our Home Purchase Plan products and reintroduce higher FTV products, which will support customers who are looking for Shariah-compliant, ethical home finance products.
“We’re committed to providing our customers with competitive products within our specialised market and helping them to achieve their aspirations, whether they are buying, refinancing or looking to become first-time homeowners. As Shariah-compliant alternatives continue to gain popularity in the UK, these changes will enhance our competitiveness and make our products available to a wide range of people, regardless of their faith.”
*As a Shariah-compliant bank, Gatehouse charges rental rates rather than interest rates, which reflect the shares the customer owns of the property.
**A Home Purchase Plan is a Shariah-compliant alternative to a mortgage.
***Finance to value is the amount of finance expressed as a percentage of the property valuation, which may be referred to as loan to value in conventional finance.