Gatehouse launches range of refinance deals
Gatehouse Bank has launched a range of limited-edition two- and five-year Sharia-compliant alternatives to mortgages.
The home purchase plan (HPP) refinance deals are available for UK residents and don’t have any 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 amount offered by the bank is £5m and customers can also get one free standard valuation when they apply.
Instead of interest rates, the Sharia-compliant bank charges rental rates, which start at 5.63% for a five-year fixed term and 5.68% for a fixed term of two years.
Gemma Donnelly (pictured), head of customer propositions at Gatehouse Bank, said: “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.
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“Regardless of whether a customer owns their home outright, currently finances it through a Sharia-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.”
Last month, the firm added non-family members to its gifted deposit criteria.
