Al Rayan Bank has expanded its Home Purchase Plan (HPP) product range to include the bank’s first 5-year fixed rental rate products.
The new 5-year fixed range is available to customers with deposits from 5% to 40%.
It can be taken on a standard basis, or through the bank’s ‘fees-assisted’ option, which sees the bank contribute towards many of the upfront costs associated with purchasing a new home.
The Islamic bank has also made reductions of up to 0.40% to the rental rates across its entire HPP range, with a 2-year 60% finance-to-value discounted variable HPP now available from 2.94%.
Maisam Fazal, chief commercial officer at Al Rayan Bank, said: “Having listened to our customers, we’re expanding our home finance range for UK residents and expats to cater for the diverse needs in the housing market.
“The new 5-year fixed rental rates will be welcomed by homebuyers looking to plan their monthly outgoings for the longer term, something that many consumers seek to do, regardless of where they are on the property ladder.
“We are also delighted to be able to make substantial reductions to our HPP rental rates as this helps ensure that ethical, Sharia compliant home finance is available to an even wider group of UK consumers.”
Products are available to UK residents and UK expats working overseas and looking to purchase a home in the UK.