Related topic: shariah finance

The partnership is part of Offa's aim to grow originations through the intermediary channel.

Previously, the Bank required customers who were buying a property in this way to contribute a minimum 5% deposit from their own personal funds.

Offa recently launched its Home Purchase Plan, a Sharia-compliant alternative to a conventional residential mortgage.

The firm has appointed three home finance advisers and a support specialist, with experience in the conventional mortgage industry.

The addition gives The Right Mortgage & Protection Network’s advisers access to Shariah-compliant home finance products.

The new lender is the sister company of Gatehouse Bank.

Customers can now apply for residential property finance up to six times their gross income.

This part of the market is estimated to be worth around £1 billion every year.

Offa has appointed a BDM for the Midlands and North and a business development support officer.

Lottie Dougill, head of home finance distributions at Gatehouse Bank, highlights the differences between Home Purchase Plans and conventional mortgage products, as well as why these...