Al Rayan Bank has reduced the fixed rental rates of its 80%, 70% and 60% finance-to-value (FTV) Home Purchase Plans (HPPs), making ethical Sharia compliant home finance more affordable for customers living in the UK and expats.
The rental rate reduction is available from 15 May 2018 across fixed HPP products as follows:
- 70% FTV, fixed rental rate reduced to 3.49%
- 80% FTV, fixed rental rate reduced to 3.69%
- 60% FTV, expat fixed rental rate reduced to 3.59%
- 70% FTV, expat fixed rental rate reduced to 3.69%
- 80% FTV, expat fixed rental rate reduced to 3.89%
Following the fixed period, all rental rates will revert to the Al Rayan Bank variable rental rate. For HPP products currently this is the Bank of England Base Rate (BBR) plus 3.99%.
Maisam Fazal, Chief Commercial Officer at Al Rayan Bank, said: “Our home finance offering is designed to appeal to those seeking ethical, Sharia compliant products to either help them get on the property ladder or move up it. We are committed to providing a suite of home finance solutions that will appeal to those of all faiths and none.