Nomo launches £1,000 cashback offer for refinancing

Sharia-compliant digital bank, Nomo, is offering £1,000 cashback to customers who are refinancing a property in the UK.

Borrowers can take advantage of the offer by completing on the refinance of a property with Nomo. The bank’s refinance product offers rates of between 5.49% and 6.05%, with a finance to value rate of up to 75% available for a fixed term lasting either two or five years.

Nomo’s products are available to residents of the UAE, Saudi Arabia, Kuwait, Bahrain and Qatar, including expats and foreign nationals, enabling them to apply for and manage their Sharia-compliant UK property finance completely digitally.

In addition to the £1,000 cashback, Nomo is also offering free valuation and zero arrangement fees for refinance products.

Chris Monaghan, B2B marketing lead at Nomo, said: “At Nomo, we provide residential and buy-to-let finance products to GCC (Gulf Cooperation Council) customers buying or refinancing a property in the UK. For those wishing to adhere to Islamic principles, they can be confident that the products are Sharia compliant.

“We know that many GCC residents already own UK properties and make use of property finance products. When it comes to refinancing, there isn’t always a lot of choice for their next fixed rate. This new offer provides customers with a great option for their next refinance requirement and gives brokers another property finance option to ensure they get the best outcome possible for their customers.”