Gatehouse Bank has announced a series of product changes, including a 0.50% reduction to the standard variable rate (SVR) on its home purchase plans (HPP) and buy-to-let purchase plans.
A home purchase plan is a Shariah-compliant alternative to a mortgage and, as a Shariah-compliant bank, Gatehouse charges rental rates rather than interest rates, which reflect the share the customer owns of the property.
Gatehouse Bank’s range of Shariah-compliant HPP and buy-to-let plans are available for UK residents, UK expats and international residents seeking residential property finance for properties in England and Wales.
The Bank has also reduced rental rates by 0.10% on both standard and green two-year fixed term buy-to-let products for overseas residents. Gatehouse Bank’s green home finance products offer a reduced rental rate for customers acquiring or refinancing a property with an energy efficiency rating of A or B. The Bank also offsets the carbon emissions generated by the average UK property for the product’s initial fixed term.
As part of today’s product changes, Gatehouse Bank has also broadened its eligibility criteria and will now consider applications from international residents seeking buy-to-let finance for HMOs.
Gemma Donnelly, head of customer propositions at Gatehouse Bank, commented: “At Gatehouse Bank, our primary goal is to help more people seeking Shariah-compliant finance achieve their aspirations.
“Following wider market trends, we are thrilled to be introducing today’s product changes, which have been designed to make our products more accessible for our customers, both in the UK and overseas.”
