It lowers rates and reintroduces two-year fixed term products
Gatehouse Bank has made significant changes to its Home Purchase Plan (HPP) products, including reduced rental rates.
The Shariah-compliant bank has made a 0.50% reduction in rental rates for HPPs, applicable to both new and existing customers in the UK, including UK expats and international residents. Existing customers reaching the end of their fixed term products will be offered the new rental rates automatically.
Aside from the rate reduction, Gatehouse Bank has also announced the reintroduction of a maximum finance-to-value (FTV) of up to 90% for HPP products, with a maximum 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 the latest changes, Gatehouse Bank has reintroduced its two-year fixed term HPP products tailored for UK expats and international residents. This also includes eco-friendly alternatives for eligible properties.
The bank’s green home finance products feature a reduced rental rate for customers acquiring or refinancing a property with an energy performance certificate (EPC) rating of ‘A’ or ‘B’. The lender 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.
We've made a number of changes to our Home Purchase Plans (HPP), including reducing rates by 0.50% and reintroducing two-year fixed term products for UK expats and international residents.
— Gatehouse Bank (@gatehousebank) December 13, 2023
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“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,” stated John Mace, senior product manager at Gatehouse Bank.
“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.”
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