Gatehouse Bank has launched limited edition two and five-year home purchase plan (HPP) refinance products for UK residents, with no product or application fees.
A HPP is a Shariah-compliant alternative to a mortgage, with the new refinance range the equivalent to a remortgage.
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 finance amount that can be provided by the Bank is £5 million and customers will be eligible to receive one free standard valuation.
Rental rates on Gatehouse Bank’s limited edition HPP refinance products start from 5.63% for a five-year fixed term and 5.68% for a fixed term of two years.
Gemma Donnelly, head of customer propositions at Gatehouse Bank, commented: “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.
“Regardless of whether a customer owns their home outright, currently finances it through a Shariah-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.”
