The following IBB Home Purchase Plans are available to consumers with a deposit of 35% (65% Finance to Value):
- Discounted variable rental rate HPP at 3.59% (discounted by 0.90%) until 30 June 2015
- Fixed rental rate HPP at 3.79%, fixed until 30 June 2015
HPPs are Sharia compliant, ethical mortgage alternatives, available to consumers of all faiths and beliefs.
IBB’s move follows a recent rental rate cut by the Bank on its 80% FTV HPP (20% deposit requirement).Rental rates start at 3.99% for the discounted variable rental rate HPP (discounted by 0.50% until 30 June 2015), with low product fees of only £399 and flexible terms.
Commenting on the launch, Imran Pasha, Head of Sales and Service, said:
“This is the first time IBB has offered home finance to consumers with a 35% deposit. The launch will benefit home buyers with a larger deposit, existing homeowners looking at re-financing deals or those seeking to release some equity from their property. They now have access to a competitive, Sharia compliant and ethical finance product; rental rates start at 3.59%* with a low product fee of only £399 and flexible terms.”
