Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Gatehouse Bank Sells Largest UK Islamic Home Finance Portfolio

Gatehouse Bank has completed the sale of its home purchase plan (HPP) portfolio to Waterfall Asset Management LLC. The portfolio, with a balance of £405 million, is reported by Gatehouse Bank as the largest Islamic home finance sale in the UK.

The bank stated that this transaction is the first of several planned back book sales and securitisations over the coming years. Standard Chartered acted as adviser on the sale.

Gatehouse Bank described the sale as an important milestone in its history and highlighted the strength and popularity of its residential property finance proposition in the UK. The bank also indicated plans to reinvest the capital raised from the sale into enhancing its customer offering and pursuing growth opportunities.

Waterfall Asset Management expressed its commitment to providing regulatory capital and balance sheet solutions through this transaction. Standard Chartered noted that the deal demonstrates the increasing depth of the market for Sharia-compliant assets in the UK and the growing appeal of Islamic finance portfolios as an institutional asset class.

This development may be of interest to UK letting agents and inventory clerks monitoring trends in residential property finance and the evolving market for Sharia-compliant housing products.