Gatehouse Bank has announced the launch of its first home purchase plan product after securing regulatory approval.
The mortgage alternative will initially be available directly through the sharia-compliant bank and broker One Option Finance.
Following the pilot period, the specialist bank plans to roll out a wider range of products in 2019, as well as making its full offering available to all its intermediary partners.
The initial product will be a two-year, fixed-term offering for those looking to refinance and homebuyers with a significant deposit.
It will have a maximum finance to value of 50%, with no early settlement charge.
Charles Haresnape, CEO at Gatehouse Bank (pictured above), said: “Launching our first home purchase plan product is a milestone for the bank, as this further increases the range of financial services that we are able to offer individuals.
“We aim to bring additional competition to the home finance market and – due to our sharia principles – we will not be charging early settlement charges on our home purchase plans, which we believe will prove to be a popular feature with many homebuyers.
“Gatehouse plans to offer competitive products together with human underwriting that will appeal to all homebuyers, Muslims and non-Muslims alike.”
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