Gatehouse Bank has today announced changes to its Home Purchase Plan products.

The shariah-compliant bank has cut rental rates on its home purchase plans by 0.50%. Available to UK residents, UK expats and international residents, these reductions apply to new customers and existing customers coming to the end of their fixed-term products, who will be offered the new rental rates automatically.

Gatehouse Bank has also reinstated a maximum FTV of up to 90% for HPP products, with a maximum finance limit of £500,000. The products are available on new build houses and flats up to the full FTV and are open to all, including those moving home or refinancing as well as first-time buyers.

As part of this reprice, Gatehouse Bank has reintroduced its two-year fixed term HPP products for UK expats and international residents, including green equivalents for suitable properties.

The bank’s green home finance products offer a reduced rental rate for customers acquiring or refinancing a property with an EPC rating of A or B.

Gatehouse senior product manager John Mace, Senior Product Manager at Gatehouse Bank, commented. “As Shariah-compliant alternatives continue to gain popularity in the UK, these changes will enhance our competitiveness and make our products available to a wide range of people, regardless of their faith.”