Landlords of any faith looking for ethical and Sharia compliant finance can access IBB’s BTLPP with a deposit of only 25%.
To mark the launch IBB have also announced a promotional procuration fee of 0.5% (gross) payable on referrals that drawdown prior to 31st March 2012.
This procuration fee and exciting BTLPP product represents a major opportunity for intermediaries to develop business in the ethical and Sharia markets.
IBB’s BTLPP is a variable rate product available at a rental rate of 5.49% with an arrangement fee of 1%.
Further features of the product include:
- Finance for landlords for a portfolio of up to five properties
- The ability to make additional payments
- The ability to clear the finance in full at any point without an Early Payment Charge
- Finance of up to £500,000 per property and £750,000 for properties in London.
(Finance above £500,000 will require a 35% deposit.)
Commenting on the launch Simon Walker, Head of Sales said:
“Buy to Let is proving to be popular with investors again. Rental yields are increasing and property is seen as a good long-term investment.
"IBB’s Sharia compliant Buy to Let Purchase Plan will help fuel this growing sector by catering for landlords looking for Sharia compliant finance. IBB anticipates a strong demand for the newly launched product.”
