Al Rayan Bank has increased its finance-to-value (FTV) on select buy-to-let mortgage products.
The lender’s two-year discount at 3.74% has had its FTV from 75% to 80%, while there is also a fixed rate of 3.84% at 80% FTV.
In addition, Al Rayan Bank, which uses the Islamic finance principles of co-ownership with leasing, is offering a discounted variable rental rate of 3.99% and fixed rate of 4.09% available expats.
Maisam Fazal, chief commercial officer at Al Rayan Bank, commented: “With this latest product extension, the possibility of purchasing a buy-to-let property has been made more widely available.
“We’re continually striving to offer a full range of Sharia compliant best-in-class products to our customers of all faiths and none and this is the latest offering in our award-winning products.”