Islamic Bank of Britain launches Sharia compliant Buy to Let mortgage alternative

Landlords of any faith looking for ethical and Sharia compliant finance can access IBB’s BTLPP with a deposit of only 25%.

To mark the launch IBB have also announced a promotional procuration fee of 0.5% (gross) payable on referrals that drawdown prior to 31st March 2012.

This procuration fee and exciting BTLPP product represents a major opportunity for intermediaries to develop business in the ethical and Sharia markets.

IBB’s BTLPP is a variable rate product available at a rental rate of 5.49% with an arrangement fee of 1%. 

Further features of the product include:

- Finance for landlords for a portfolio of up to five properties

- The ability to make additional payments

- The ability to clear the finance in full at any point without an Early Payment Charge

- Finance of up to £500,000 per property and £750,000 for properties in London. 

(Finance above £500,000 will require a 35% deposit.)

Commenting on the launch Simon Walker, Head of Sales said:

“Buy to Let is proving to be popular with investors again. Rental yields are increasing and property is seen as a good long-term investment.  

"IBB’s Sharia compliant Buy to Let Purchase Plan will help fuel this growing sector by catering for landlords looking for Sharia compliant finance. IBB anticipates a strong demand for the newly launched product.”