Al Rayan Bank extends BTL range
Al Rayan Bank is offering landlords 80% FTV for its buy-to-let purchase plan (BTLPP) products.
These products were previously only available up to 75% FTV.
The Sharia compliant products are available to UK expats living overseas, with 75-80% FTV available at 3.99% expat discounted variable rate and 4.09% expat fixed rental rate.
There is also a 75-80% FTV available at a 3.74% discounted variable rental rate and 3.84% fixed rental rate.
Products come with an admin fee of 1% of the finance balance which will be a minimum of £995.
Maisam Fazal (pictured), chief commercial officer at Al Rayan Bank, said: “With this latest product extension, the possibility of purchasing a buy-to-let property has been made more widely available.
“We’re continually striving to offer a full range of Sharia compliant best-in-class products to our customers of all faiths and none and this is the latest offering in our award-winning products.”
Al Rayan Bank’s BTLPP uses the Islamic finance principles of co-ownership (diminishing musharaka) with leasing (Ijara).
Customers acquire the property in partnership with the bank and monthly payment contributions increase their share of the property.
Limited Company BTLPP are available up to 75% FTV for customers who wish to buy investment property in a limited company’s name.