Gatehouse Bank has announced significant changes to its Home Purchase Plan (HPP) products, including a 0.50% reduction in rental rates.
This reduction is applicable to both new and existing customers at the end of their fixed terms, with the new rates being automatically offered.
The bank has also reinstated a maximum finance to value (FTV) of up to 90% for its HPP products, with a finance limit up to £500,000.
These products, suitable for new build houses and flats up to the full FTV, are available to a wide range of customers, including home movers, those refinancing, and first-time buyers.
Additionally, Gatehouse Bank has reintroduced 2-year fixed-term HPP products for UK expats and international residents, including green options for qualifying properties.
The green home finance products offer a lower rental rate for properties with an EPC rating of A or B and include a commitment from the bank to offset carbon emissions for the product’s initial fixed term.
John Mace, senior product manager at Gatehouse Bank, said: “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 specialized 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.”
