Gatehouse Bank has relaunched its two-year and five-year fixed term Home Purchase Plans (HPP) with higher Finance-to-Value (FTV) limits for UK Residents. A Home Purchase Plan is a Shariah-compliant alternative to a mortgage.

The changes include the relaunch of maximum 95% FTV Home Purchase Plan products for first time buyers and home movers who are UK Residents and seeking a maximum finance amount of £600,000.

For UK Residents looking to purchase or refinance a property for a maximum finance amount of £750,000, Gatehouse Bank has relaunched its Home Purchase Plans with an FTV limit of 90%.

The Bank’s Home Purchase Plans with an FTV limit of 95% are available for new build houses, whereas the FTV limit of 90% applies on new build flats.

Gemma Donnelly, Head of Customer Propositions at Gatehouse Bank, commented:“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.

“The 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.”