Al Rayan Bank has reduced rental rates by 1% on its buy-to-let product range.
The sharia-compliant bank has also simplified its buy-to-let range by removing its 65% finance to value (FTV) band and making the new rental rates available to all customers requiring up to 75% FTV (25% deposit) on its rent and acquisition product range.
The product range is available to landlords either directly, through the bank's national branch and office network, its UK-based customer service centre, the bank's website or indirectly via intermediaries.
The rental rates are:
- discounted variable: 75% FTV, rental rate of 3.14% available until 30th June 2020
- fixed: 75% FTV, rental rate of 3.24% also available until 30th June 2020.
Other product features include:
- no early settlement penalty for clearing the finance in full early, even during a fixed rental rate period (administration fees apply)
- a product fee of 1% (a minimum fee of £995 applies)
- rent-only option available up to 65% FTV.
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