Gatehouse Financial Group is a real estate focused shariah-compliant financial services group comprising of Gatehouse Bank plc, Gatehouse Capital KSCC and associated companies. There are a range of Islamic mortgage alternatives available, allowing buyers to get on the property ladder while being sharia-compliant. Gatehouse Bank has cut the rental rates on its entire buy-to-let range. It is authorised by the Prudential Regulation Authority (PRA) and regulated by the Prudential Regulation Authority and the Financial Conduct Authority. Finance amount: £30,000 to £1,500,000 (higher amounts may be considered) We also look at the bank and building society mortgages, green mortgages and the the Green Homes grant, Credit Unions Islamic mortgages and how COVID-19 has affected mortgages. The lender bought the trademarks for 'Gatehouse Mortgages' and 'Milestone Mortgages' last week, according to filings at the Intellectual Property Office. Gatehouse’s HPP products offer customers two options; Acquisition & Rent (the equivalent of a conventional capital & interest mortgage) and Rent Only (the equivalent of a conventional interest only mortgage). Home purchase plans differ from traditional mortgages in that customers do not pay interest on a loan from the lender, as this is forbidden under Sharia law. Akhil Mair, managing director at Our Mortgage Broker, agrees: “The demand – and more importantly the actual product – is not widely marketed nor something that even comes in conversation.” Currently, six standalone Islamic banks are operating in the UK, and there are a further 20 banks offering Sharia-compliant products. • Initial Rental Rate as low as … There are two main types of Islamic mortgage available in Britain - Murabaha and Ijara. Murabaha (deferred sale finance) For further information please call our Islamic Finance Officer on +44 (0) 207 487 6953 or email us at info.aubuk@ahliunited.com. An HPP is a sharia-compliant product which is often referred to as an Islamic mortgage, but this term is misleading. To get an estimate you’ll need to enter the: finance amount. Property completion with them recently went very well they give good rates compared to any other islamic bank i’ve seen so far and honesty i’d be surprised if i am let down … Shariah-compliant Gatehouse Bank has adopted BEP Systems’ Apprivo 2 banking platform solution For Gatehouse Bank, BEP have re-configured their systems to comply with Shariah requirements when dealing with home purchase plans to help customers purchase homes … Gatehouse Bank has been named ‘Best Islamic Bank for Property & Real Estate Finance 2020’ at the Global Islamic Finance Awards (GIFA). Chris Little, managing director of BEP Systems, believes Gatehouse Bank “is set to become a major force within the huge growth sector that is Shari’ah-compliant home finance”. I have not taken out a conventional mortgage. All are still available with 2 Year and 5 Year fixed rates. EGYPT: Faisal Islamic Bank part of consortium to provide EUR30 million (US$32.77 million) financing to Midor Electricity Company. Despite this, it has grown quickly in the market. Al Rayan Bank is an Islamic bank with branches in the UK. However I have current accounts both with a traditional mainstream bank and a digital bank. Gatehouse has played a role in the growth of the sector, regularly announcing new products, partnerships and projects across the home purchase plan (HPP), buy-to-let (BTL) and build-to-rent (BTR) markets. Islamic financial principles prevent you from borrowing or lending money in exchange for interest. So, what is the new Gatehouse mortgage alternative and how do these deals work? Islamic HPPs can be applied for by anyone – Muslim or non-Muslim. It’s also likely you’ll need to put down a larger deposit. MALAYSIA: RAM assigns ‘P1’ and ‘AA3/Stable’ ratings to Bermaz Auto’s proposed Islamic programs. UAE: Abu Dhabi Islamic Bank reports net profit decrease at AED533.8 million (US$145.3 million) for third quarter of 2020 compared with previous year. The 2-year fixed rental rate for these landlords has been reduced by 0.24% to 3.90%. Gatehouse has also improved the rates available on all of its existing HPP products by up to 0.7%. An Islamic mortgage, or halal mortgage, enables you to buy a house in compliance with Sharia law. ... Banks that do offer Islamic mortgages in 2020 Gatehouse. Islamic mortgage products can be more expensive than other mortgages because the Sharia-compliant lender has to cover higher administration costs. Gatehouse Bank. PAKISTAN: Hub Power Company to conduct fifth profit payment to Sukukholders. Gatehouse Bank offers a home finance product which effectively acts like a mortgage, but is Shariah-compliant. Once all of the payments have been made, you buy them out, and the deed of the property transfers to you too. 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