UK expats and international residents acquiring a home or investment property in England and Wales with Gatehouse Bank 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.

Commenting, Gatehouse Bank chief executive Charles Haresnape 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.”

He added: |”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.”