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TODAY'S OTHER NEWS

Al Rayan Bank launches buy-to-let purchase plan

Al Rayan Bank has launched a new limited company buy-to-let purchase plan (BTLPP) for landlords to purchase their investment properties in a more tax efficient way.

The Islamic bank is offering customers a variable rental rate of 3.89%, and a fixed rental rate of 3.99%.

The maximum finance-to-value (FTV) on rent and acquisition products is 75% and 65% FTV on rent-only.

Al Rayan Bank’s limited company buy-to-let purchase plan uses the Islamic finance principles of co-ownership with leasing. Customers purchase the property in partnership with the bank, and monthly payment contributions increase their share of the home.

Maisam Fazal, chief commercial officer at Al Rayan Bank, commented: “Al Rayan Bank has built its reputation on developing innovative Sharia compliant and ethical banking products which meet its customers’ needs.

“The new limited company buy-to-let purchase plan broadens our offering and helps us to ensure we provide a full suite of products for landlords.

“This product will enable UK based landlords looking for an alternative to interest bearing property finance facilities.”

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