Qualis Credit Risk completes first high FTV home purchase plans with Gatehouse Bank

Qualis Credit Risk, the new specialist mortgage and credit Managing General Agent (MGA) created by AmTrust Finance Services, Inc, has today announced its first high FTV home purchase plan completions with Shariah-compliant challenger bank, Gatehouse Bank.

London-based Gatehouse Bank offers Shariah-compliant alternatives to mainstream mortgages – home purchase plans – which are used like a conventional mortgage to buy or refinance a home.

Qualis has been working with Gatehouse on its range of 80%-plus finance to value (FTV), rather than loan-to-value, products. Gatehouse launched its high FTV products in Q4 2021 with indemnity insurance provided by AmTrust and arranged through the Qualis Credit Risk MGA.

Gatehouse is believed to be the only Shariah-compliant bank in the UK to offer higher FTV home purchase plans enabling a range of customers, particularly first-time buyers, to get on to the property ladder for the first time.

Under this new insurance arrangement, Gatehouse Bank completed its first 80%-plus FTV plans in January this year, with more anticipated to complete during the months ahead.

Gatehouse Bank, part of the Gatehouse Financial Group, offers Shariah-compliant ethical home purchase plans with competitive rates, plus buy-to-let and commercial property finance, as well as savings accounts.

Earlier this year AmTrust International (AI), the UK and International arm of New York-based AmTrust Financial Services, Inc., created a new specialist mortgage and credit Managing General Agent (MGA), Qualis Credit Risk.

AI’s existing mortgage and credit business transferred to Qualis, and over the last few months the MGA has been working on its strategic growth plans in Europe and the UK.

Qualis Credit Risk writes on AmTrust International paper and is wholly-owned by the AmTrust Group. It is made up of two entities, Qualis U.K. Ltd., primarily focusing on UK business, and Qualis Europe Srl, focusing on European business.

The team at Qualis has 20 years of experience in the UK and European markets – the team originally started at Genworth Financial, and the business was acquired by AmTrust Financial Services in 2016.

Patrick Bamford, Head of International at Qualis, said: “As always, it is a real pleasure to work with a forward-thinking institution such as Gatehouse Bank, working with the team there to arrange insurance capacity via AmTrust which allows it to offer higher FTV home purchase plans to its customers. The type of customers taking out these plans tends to be younger first-timer buyers looking to get onto the ladder for the very first time, and there’s no doubting in the current housing environment there is a real requirement and demand for these products.

“We are therefore very pleased to have seen our first completions coming via Gatehouse during January this year, with more anticipated in the future. Qualis is able to provide Gatehouse with the confidence it needs to be active in this product space, and to ensure it mitigates the risk while at the same time offering ethical products at competitive rates. This is a customer demographic that has often been underserved and we are very proud of this new relationship and the opportunities it presents to Gatehouse customers to make their property dreams a reality.”

John Mace, Product Manager at Gatehouse Bank commented: “It’s been great working with Qualis to enable the Bank to offer a higher FTV home purchase plan product. Gatehouse is the only UK Shariah-compliant Bank offering home finance products over 80% FTV. Since launching our higher FTV ethical finance products in September 2021, we have experienced huge demand allowing first-time buyers to take their first steps onto the property ladder.

“As a Shariah-compliant Bank, Gatehouse does not charge interest. Instead, the Bank and customer are joint owners of the property, and the customer pays rent on the share of the property that the Bank owns.”