The Sharia-compliant bank has relaunched its two- and five-year fixed-term deals up to 95% finance to value (FTV) for first-time buyers and homemovers looking for finance up to £600,000, which can be used to purchase new-build houses.
For residents looking to purchase or refinance a property for a maximum finance amount of £750,000, the FTV limit is 90%. The restricted FTV applies to new-build flats.
Gemma Donnelly (pictured), head of customer propositions at Gatehouse Bank, said: “At Gatehouse Bank, we recognise the challenges many first-time buyers and those with smaller deposits may have when seeking home finance products that suit their needs.
“Today’s changes have been introduced to give our customers a broader choice of options on how to fund their property purchases and allow us to support even more people with achieving their homeownership goals.”
Earlier this month, Gatehouse Bank cut its standard variable rate (SVR) on home purchase plans and buy-to-let (BTL) purchase plans by 0.5% to 7.5%, while reducing rental rates on standard and green two-year fixed BTL products for overseas residents by 0.1%.
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