UK expats and international residents buying 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 process.
This will be open to borrowers who apply through Gatehouse Bank’s direct adviser team and those referred by broker partners.
The lender said this would address a common challenge faced by overseas buyers needing to hold a UK payment account. They will be able to open a payment account with Algbra and manage their home finance payments.
Borrowers will be onboarded digitally and gain 24/7 access and support, as well as the ability to complete bank transfers. They will also have the option of a digital or physical card to manage 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.
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“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 macroeconomic 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.”
