Al Rayan Bank has reduced rental rates on its buy-to-let range by 0.50 per cent. Discounted rental rates are now available at 3.64 per cent, while fixed rental rates are at 3.74 per cent.
The bank adds that within the rent and acquisition product range a 75 per cent finance to value option is available, while for rent-only products the FTV is now set at 65 per cent.
Features of the revised range of products include a product fee of 1 per cent with a minimum fee of £995, a minimum property value of £80,000, a minimum property finance of £30,000 and a maximum property finance of £1.5m.
In addition, there is no early settlement penalty for clearing the finance in full early.
Al Rayan Bank chief commercial officer Maisam Fazal says:
“We expect that the lower rental rates will attract landlords looking for alternative home financing products which are in keeping with the ethical values of Islamic banking.”
Source Mortgage Strategy