Gatehouse bench hhas released further details of its strategic partnership with London-based, Sharia-compliant financial technology company Algbra.
British expats and international residents who acquire a home or investment property in England and Wales with Gatehouse Bank will have the opportunity to apply for a UK current account with Algbra as part of the home financing process.
The offer is available to customers who sign up through the bank’s direct advisor team or who are referred by its broker partners.
The partnership aims to solve a common challenge faced by individuals living abroad who want to purchase a property in Britain: the requirement to hold a UK current account. These customers will now have the option to open a checking account with Algbra to manage their home financing payments.
Commenting, Charles Haresnape, CEO of Gatehouse Bank, said: “This initial offering is the first phase of our partnership with Algbra, in line with the Bank’s digital transformation strategy. It is primarily driven by the need to solve a major problem that many experience when purchasing property in the UK, which is consequently limiting investment in the UK market, as well as our ability to trade on a global level.”
He added: |”The UK property market remains highly attractive, underlined by stable rental yields, relative political stability and a historically strong economy, despite recent macroeconomic challenges. Our partnership will make it easier for customers worldwide to access the financing they need.”