Gatehouse Bank

Gatehouse Bank

Gatehouse Bank, formerly known as Milestone Savings, is a UK challenger bank based in London. Founded in 2008, the bank is Sharia compliant. The Milestone Capital PCC programme, founded in 2009, helps banks to raise funds from Islamic capital markets.

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Overview

First Glance

Gatehouse Bank, formerly known as Milestone Savings, is a UK challenger bank based in London. Founded in 2008, the bank is Sharia compliant. The Milestone Capital PCC programme, founded in 2009, helps banks to raise funds from Islamic capital markets.

Features

Contact Info

Phone
44 20 7070 6000

About Gatehouse Bank

Gatehouse Bank, formerly known as Milestone Savings, is a UK challenger bank based in London. Founded in 2008, the bank is Sharia compliant. The Milestone Capital PCC programme, founded in 2009, helps banks to raise funds from Islamic capital markets.

Sharia compliance means that the bank does not invest in prohibited markets such as gambling, the tobacco industry, alcohol or arms. Sharia banking also prohibits speculation or what is called ‘excessive uncertainty’. Accounts in Sharia-compliant banks do not earn interest.

Part of the wider Gatehouse Financial Group, Gatehouse also invests in the UK private housing sector, with the goal of addressing the country’s housing shortages. The programme was singled out as a good example of how foreign investment can aid the housing sector in 2015. 

Gatehouse Bank Products and Services

Gatehouse Bank provides financial and savings products for commercial and residential real estate. One of the cornerstones of the bank’s business is buy-to-let finance, from straightforward investment in individual residences to company finance and boosting property portfolios. The bank also provides property finance for expats, with some conditions. Properties must be in England and Wales and must be investment properties. Gatehouse must also approve the surveyor.

Buy-to-let finance can be offered directly to the consumer or via an intermediary.

The corporate finance team at Gatehouse arranges commercial real estate finance for customers including asset managers, property developers and investors. Areas that are covered include:

  • Mezzanine financing
  • Restructuring
  • Acquisitions, development and refurbishment
  • Asset refinancing

Gatehouse also sources, and offers advice in, the UK build-to-rent sector.

Security at Gatehouse Bank

Gatehouse Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority. Some products do fall outside the remit of the FCA; more information can be found at the Gatehouse website.

Gatehouse Bank Contact Details

14 Grosvenor St
London
W1K 4PS

Telephone: 020 7070 6000

Email: [email protected]

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Gatehouse Bank Reviews

Tony Smith
December 8, 2021

“I believe that Gatehouse bank is not a suitable bank to lend money”

I believe that Gatehouse bank is not a suitable bank to lend money. The underwriting is just unbelievable and not acceptable comparing to other average lenders in the market.
I think gatehouse bank has it's own internal understanding and only lend to who and how they wish to lend money to, which I found it very unfair.
The underwriters usually request for the same information over and over like they don't have a updated client information data system.
they drag a case for so long, usually 3-6 months for a simple mortgage case and eventually they decline the case for no reason whatsoever??!! This is for mortgage and business finance.
The underwriting team works based on discretion and not facts.
I had many of my friends dealing placing their mortgage application with Gatehouse bank and not even one of them succeeded to get a mortgage from gatehouse. Without exception, they took minimum of 3 months + to come back with a decline answer.
Please tell me, which average vendor would wait for a buyer to gat a mortgage offer in 3-6 moths?? Doesn't this question comes across the underwriter's mind??
They probably say it's our criteria and AML, compliances reasons etc, yes, we all understand this but why this decisions are not dealt with it at the beginning or dealt with promptly? If you are busy, then business must be booming, then why don't you employ more people? I believe that this bank has a different agenda and I will be looking into their activities closely in the near future.
gatehouse bank is a waist of time to deal with and I would never recommend them to anyone as they don't have no understanding of the market nor they treat their clients fairly or have any sympathy with anyone's cases.
I think the processing team in this bank are just engaging themselves with the applicants without producing any results. they just keeping themselves busy in order to receive salaries which I think this is very unfair to the shareholders of the bank.
I believe that, the processing team and underwriters are either not trained properly or they are incompetent individuals working for this bank.
I would recommend that the underwriting team and the processing team should be reviewed and trained like a normal bank who can assist the people and the community.

Yours
Tony

3 persons found this helpful