In this way, the property is jointly owned with Gatehouse Bank. The Bank’s 2 Year Fixed HPP for UK residents is reducing from 3.19% to 2.79% at 50% FTV. Charles Haresnape, CEO of Gatehouse Bank, said: “We’re seeing strong appetite in our Home Purchase Plan (HPP) and Buy-to-Let (BTL) products. Gatehouse Bank looks set to expand into Islamic mortgage lending after registering two trademarks for shariah-compliant loans. Gatehouse is arranging HPPs and BTL finance for Muslim and non-Muslim customers based abroad. As with all mortgage providers, Gatehouse Bank uses mortgage brokers to help drive volume. Al Rayan are the only Islamic bank offering a 10% deposit mortgage so it would be difficult to compare without changing the example deposit amount. For both UK Expats and International residents, it is also introducing a new 50% FTV band for HPP, which it expects to prove attractive to those seeking to refinance. Al Rayan Bank has the widest range of Islamic mortgage alternatives in the UK. The financing does not go toward businesses such as pubs, casinos, or … Read on to find out how Islamic mortgages work. So, what is the new Gatehouse mortgage alternative and how do these deals work? Sutherland Mortgage Services has announced Gatehouse Bank as its first UK client. As Gatehouse has increased its home finance services, Sim has played a key role in developing its engagement with large business introducers. The end position is similar to conventional mortgages. Gatehouse Capital is a real estate investment and advisory firm based in Kuwait City, Kuwait. So, what is the new Gatehouse mortgage alternative and how do these deals work? Customers will notice the Bank doesn’t pay or charge interest, instead the Bank pays profit or charges ‘rent’ on its finance products. I’ve had no issues with gatehouse compared to Al Rayan which is another islamic bank. Many brokers will be used to only recommending HPPs to those customers who are Muslim or specifically ask for the product; the appeal is much wider. Gatehouse Bank has launched its longest fixed-rate deal for aspiring home buyers, becoming the latest Islamic bank to offer a five-year home finance option. In both cases, two groups of borrowers — UK Expats and International Residents have also been underserved in recent years. Meanwhile, Gatehouse is also improving the lowest rates available on all of its existing HPP products by up to 0.7%. The most significant rate reduction of 0.70% Earning interest is not allowed – whether you are an individual or a bank. It is authorised by the Prudential Regulation Authority (PRA) and regulated by the Prudential Regulation Authority and the Financial Conduct Authority. Register now So you go the Islamic bank and state “I desire this home worth ₤ 100,000.” Property completion with them recently went very well they give good rates compared to any other islamic bank i’ve seen so far and honesty i’d be surprised if i am let down in the future however definitely recommend this bank. Sharia-compliant mortgages are really ‘mortgage alternatives’ and function as no-interest home purchase plans. Following the acceptance of my bid on a property, X put in place a meeting for the following Monday to discuss the finance offer. None of the mainstream banks or lenders in the UK currently offer Islamic mortgages. Gatehouse has also amended rates on its Buy-to-Let (BTL) range for UK residents, UK Expats and International residents. We accept business directly or via mortgage brokers and have a dedicated and experienced team ready to assist with specific needs. 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