Legal & General Mortgage Club has announced that Gatehouse Bank is the latest bank to join its panel.
Gatehouse specialises in providing buy-to-let and home purchase finance for UK residents/entities, UK expats and international residents looking to acquire or refinance property based in England and Wales, which will be available through Legal & General Mortgage Club partners.
Gatehouse Bank offers a Shariah-compliant proposition where, rather than the customer paying interest on a loan used to purchase a property they will buy the property jointly with the bank. Each party has a stake according to the amount they contribute to the purchase and the customer leases the part of the property owned by the bank, paying a monthly rental payment on it. At the end of the finance term, if all payments have been made, full ownership of the property transfers to the customer.
Danny Belton, head of lender relationships for Legal & General Mortgage Club, said: “At Legal & General Mortgage Club we’re committed to providing mortgage advisers and their customers with both choice and flexibility, including alternative financing solutions.
“We look forward to working closely with Gatehouse, whose offerings will undoubtedly help a growing number of customers secure the finance they need.”
Roger Evans (pictured), director of home finance distribution at Gatehouse Bank, added: “We are delighted to join the Legal & General Mortgage Club panel, the UK’s largest broker mortgage club. Working closely with the Legal & General Mortgage Club will allow us to further extend their reach of our competitive buy-to-let and home purchase products for UK residents, UK expats and international residents.
“Shariah-complaint finance is growing in the UK and we are seeing increased demand from customers interested in our ethical approach, human underwriting and competitive products.”