Gatehouse Bank has relaunched its two and five-year fixed term home purchase plans (HPP), a Shariah-compliant alternative to a mortgage, with higher finance-to-value (FTV) limits for UK residents.
Today’s changes include the relaunch of maximum 95% FTV products for first-time buyers and home movers who are UK residents and seeking a maximum finance amount of £600,000.
For UK residents looking to purchase or refinance a property for a maximum finance amount of £750,000, Gatehouse has relaunched its HPPs with an FTV limit of 90%.
The Bank’s plans with an FTV limit of 95% are available for new build houses, whereas the FTV limit of 90% applies on new build flats.
Gemma Donnelly, head of customer propositions at Gatehouse Bank, commented: “At Gatehouse Bank, we recognise the challenges many first-time buyers and those with smaller deposits may have when seeking home finance products that suit their needs.
“Today’s changes have been introduced to give our customers a broader choice of options on how to fund their property purchases and allow us to support even more people with achieving their homeownership goals.”
