01 / 07 · The Market · 2026
Refinance without a new loan.
Gatehouse’s September fee-free two- and five-year HPP refinance is the conventional remortgage’s cousin. The cousin still has to be a sale of remaining units and a new rent, not a balance transfer.
The Mizan desk · 7 September 2026 · 8 min
On 4 September 2026 IFA Magazine and Financial Reporter both ran the same trade story: Gatehouse Bank had launched limited-edition two- and five-year Home Purchase Plan refinance products for UK residents, with no product or application fees.
In a mortgage market that is a refinance. In this market it should be: a new co-ownership split at today’s valuation, a new rent on the bank’s remaining share, and a new unit-purchase schedule. If instead they ‘port’ a balance and change the rate, they have remortgaged you.
Why fee-free matters
Islamic home finance has been sticky partly because leaving is expensive: legal, valuation, early-settlement of units, the other side’s solicitor. Waiving product and application fees is how you invite Al Rayan customers to walk. Competition as policy, again.
Do not confuse a waived fee with a waived document. You still need a solicitor who has refinanced an HPP, not a conveyancer who will ‘treat it as a remortgage’ because their case-management software has that button.