Islamic Mortgage rates cut by leading Islamic Bank

Islamic Mortgage rates cut by leading Islamic Bank

 

Islamic Bank of Britain has cut the rate on its Sharia compliant buy-to-let purchase plan by 0.6 per cent.

The variable rental rate of 5.49 per cent has been cut to 4.89 per cent on both purchase plans.

The rent and acquisition BTL purchase plan requires a 25 per cent deposit while the rent only plan requires a 35 per cent deposit.

Both plans require an administration fee of 1 per cent, where a £995 minimum applies.

The minimum property finance is £30,000 with a maximum of £500,000. The maximum rises to £750,000 if the property is in Central London.

Islamic Bank of Britain head of sales and service Imran Pasha says: “IBB has kept up with the pace of change in the BTL sector by launching new products and now a rate cut of 0.6 per cent. The Bank is committed to providing competitive Sharia compliant finance for landlords.

“It is also committed to providing intermediaries with the opportunity to grow their business from this buoyant market. With a competitive procuration fee for successful leads, which is currently matching the figures offered by other home finance providers for fully packaged cases, now is a good time for IFAs to consider working with IBB.”

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