Gatehouse Bank has released further details of its partnership with Shariah-compliant financial technology firm, Algbra.
UK expats and international residents acquiring a home or investment property in England and Wales with Gatehouse will be offered the chance to apply for a UK payment account with Algbra as part of the home finance process. The offering is available to customers who apply via the Bank’s direct adviser team or who are referred by its broker partners.
The partnership aims to resolve a common challenge faced by individuals residing overseas looking to buy a property in the UK: the requirement to hold a UK payment account. These customers will now be given the option to open a payment account with Algbra to manage their home finance payments.
Following a fully digital onboarding process, the app-based account provides customers with 24/7 access and support and can facilitate bank transfers for home finance payments using a UK sort code and account number to support direct debits. Customers will also have the option to request a digital or physical card to help manage their associated financial transactions.
Charles Haresnape, CEO of Gatehouse Bank, said: “This initial offering is the first stage of our partnership with Algbra, in line with the Bank’s digital transformation strategy. It is driven primarily by the need to solve a major problem experienced by many when buying property in the UK, which is, consequently, limiting investment into the UK market, as well as our ability to trade on a global level.
“We believe that access to an Algbra payment account will be highly valued by those residing overseas. The UK property market remains very attractive, underscored by stable rental yields, relative political stability and a strong economy historically, despite recent macro-economic challenges. Our partnership will make it easier for customers globally to access the financing they need.”
Zeiad Idris, CEO of Algbra, added: “Our relationship with Gatehouse, one of the UK’s leading Islamic finance providers, is underpinned by our aligned vision to champion ethical financing solutions and is driven by a need to make home financing more accessible to all, including overseas homebuyers and investors.
“Our partnership will remove one of the barriers facing many overseas customers and we are confident that the strong, natural alignment between Gatehouse and Algbra will lead to further innovative proposition developments going forward.”
