Paradigm Mortgage Services has added Gatehouse Bank to its provider panel.
Gatehouse Bank offers a product range which includes Home Purchase Plans (HPPs), buy-to-let and commercial property finance.
Paradigm member firms can now register with Gatehouse Bank, and begin accessing these products for their clients.
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 each has contributed to the purchase and the customer leases the part of the property owned by the Bank and pays 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.
Gatehouse Bank’s buy-to-let products include finance options available on single residential investment finance to more complex structures including property portfolios. Finance can be provided to individuals, sole proprietors/partnerships, limited companies and offshore SPV structures, again for property located in England & Wales.
Specific services to advisers include a team of dedicated BDMs, individual assessment of each application, direct access to a named individual and an end-to-end online application system for fast decision-in-principles and case tracking.
John Coffield, head of Paradigm Mortgage Services, said: “We are very pleased to be able to bring Gatehouse Bank on board to the Paradigm provider panel given its unique product range and the fact it offers Shariah-compliant products such as Home Purchase Plans to advisers and their clients.
“This is undoubtedly an important niche sector of the market, and coupled with its buy-to-let proposition which covers areas like limited companies and products such as HMOs and multi-unit blocks, we feel it is an important addition for our members. We receive a large number of enquiries on these product areas to our mortgage helpdesk, and it’s important that we can steer firms in the direction of providers such as Gatehouse Bank who are experts in this field.
“We’re looking forward to forging a strong relationship with the team there and helping the adviser market to understand its offering and these important product areas.”
Roger Evans (pictured), director of home finance distribution at Gatehouse Bank, added: “We are delighted to join Paradigm, one of the UK’s leading mortgage distributor businesses, to offer 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 an increased demand from customers interested in our ethical approach, human underwriting and competitive products. Working closely with Paradigm will further allow us to offer a high level service to brokers and their clients, whether that’s for buy-to-let or our homeowner finance products.”