Mortgage Introducer

Charles Haresnape to leave Aldermore

Charles Haresnape, Aldermore’s group managing director of mortgages, is leaving the real estate company after six years. Haresnape will be joining shariah-compliant Gatehouse Bank as chief executive. An Aldermore spokeswoman confirmed that Haresnape was leaving and said he had been instrumental to the growth of the company's mortgage business. She added that Charles Haresnape would remain in the business whilst Aldermore searched for his replacement.

Untapped demand: Islamic mortgages

From 2002 UK banks, led by Lloyds and HSBC, tried to appeal to British Muslims by offering specialised mortgage products differing in structure. The lender generally buys the property outright and leases it to the consumer, charging a rental fee in addition to taking repayments. However, the mainstream market’s foray into the sector did not go as planned and Lloyds ceased offering the products in 2010 with HSBC following suit in 2012. Sharia home purchase plans can be more expensive than standard mortgages, with the Islamic Bank of Britain charging variable rates of 3.99% and 3.59% for 20% and 35% deposits until 30 June 2016. However, the market may simply need more competition to drive rates down.

IBB launches new home finance deals

The Islamic Bank of Britain has launched a pair of new home finance deals. The IBB will now offer a 2-year fixed rental rate Home Purchase Plan at 3.79% and a discounted variable rental rate HPP at 3.59%. Both plans are available to consumers with a deposit of 35%. According to Imran Pasha, head of sales and service at IBB, this is the first time IBB has offered home finance to consumers with a 35% deposit. The launch will benefit home buyers with a larger deposit, existing homeowners looking at re-financing deals or those seeking to release some equity from their property.

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