Related topic: shariah finance

The Bank has also reduced rates on selected two-year buy-to-let products for UK expats and international residents.

Nomo provides Shariah-compliant residential and buy-to-let property finance to GCC residents.

The changes apply across two and five-year fixed terms for both homebuyers and landlords.

The partnership is part of Offa's aim to grow originations through the intermediary channel.

Previously, the Bank required customers who were buying a property in this way to contribute a minimum 5% deposit from their own personal funds.

Offa recently launched its Home Purchase Plan, a Sharia-compliant alternative to a conventional residential mortgage.

The firm has appointed three home finance advisers and a support specialist, with experience in the conventional mortgage industry.

The addition gives The Right Mortgage & Protection Network’s advisers access to Shariah-compliant home finance products.

The new lender is the sister company of Gatehouse Bank.

Customers can now apply for residential property finance up to six times their gross income.