IBB launches two new B2L purchases plans

Sam Cordon

November 26, 2013

Landlords of all faiths can now access Sharia compliant and ethical rental property finance with deposits of 25% and 35%.

The 25% deposit plan offers a fixed rental rate of 5.09% and the 35% deposit plan offers a fixed rental rate of 4.69%. Both plans are fixed until 31 December 2015.

Other product features include:

• No early settlement charge for clearing the finance in full early, even during a fixed rental rate period (a small administration fee will apply)

• An administration fee of 1% (a minimum fee of £995 applies)

• Minimum property finance of £30,000, maximum finance of £500,000 (£750,000 in Central London) and minimum property value of £90,000

Imran Pasha, head of sales and service, Islamic Bank of Britain, said: “IBB’s fixed rental rate BTLPPs are ideal for landlords looking to fix their outgoings over the next two years.

“The deals have been launched in response to growing demand for Sharia compliant finance as the buy to let market continues to enjoy a resurgence.”

Intermediaries can find out more by accessing IBB’s dedicated intermediary support service.

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