Al Rayan Bank has reduced the rental rates of its buy-to-let purchase plan (BTLPP) range.
The bank has also introduced a new 5-year fixed 80% finance-to-value (FTV) BTLPP.
The Sharia-compliant BTLPP products are available to UK residents who wish to purchase property in their own name, or in the name of a limited company.
UK expats working overseas can purchase property in their own name.
The new rental rates are available on a fixed and discounted basis from 3.19% to 3.89% for UK residents and 3.64% to 4.64% for UK expats working overseas.
BTLPP products are also available for UK resident landlords looking to purchase their investment properties in a more tax efficient way, with rental rates ranging from 3.49% to 4.19%.
Maisam Fazal, chief commercial officer at Al Rayan Bank, said: “As the largest provider of Sharia compliant home and property finance in the UK, Al Rayan Bank is committed to making our products as widely available as possible.
“Reducing our rental rates by such a significant amount and introducing new 5-year fixed rental rates means that more people will be able to apply for our buy to let products.”
All BTLPPs are available on a ‘rent only’ basis and there are no early settlement fees incurred.