Al Rayan Bank has announced a one percentage point reduction in the rental rates of its Buy to Let Purchase Plans (BTLPP).
The Islamic retail bank has also simplified its buy-to-let finance 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.
The products are available to landlords either directly – via the Bank’s national branch and office network, its UK based customer service centre, or its website – or indirectly through intermediaries.
The rental rates are as follows:
- Discounted variable: 75% FTV, rental rate of 3.14% until 30 June 2020
- Fixed: 75% FTV, rental rate of 3.24% until 30 June 2020
Other product features include:
- No early settlement penalty for clearing the finance in full early, even during a fixed rental rate period (an administration fee will apply)
- A product fee of 1% (a minimum fee of £995 applies)
- Rent only option available up to 65% finance to value