Islamic Bank of Britain launches Sharia compliant Buy to Let mortgage alternative
Islamic Bank of Britain plc, the UK’s only wholly Sharia compliant retail bank, has entered the BTL mortgage market with the launch of its Sharia compliant BTL Purchase Plan.
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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.”
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