Al Rayan Bank has announced the launch of a Sharia-compliant buy-to-let (BTL) range in Scotland
The new BTL purchase plans include a 35% deposit contribution with a fixed occupancy payment rate of 2.99% and discounted variable occupancy payment rate of 3.19% until 31st December 2018.
Al Rayan also offers a 25% deposit contribution with a fixed occupancy payment rate of 3.39% and discounted variable occupancy payment rate of 3.49% for the same period.
Once the fixed or discounted period ends, all occupancy payment rates will revert to the Bank of England base rate plus 4.99%.
Sultan Choudhury, CEO of Al Rayan Bank, said: “We’re delighted to continue the momentum of our successful launch in Glasgow with the announcement of buy-to-let purchase plans for Scotland.
“Islamic buy-to-let property finance is an important addition to the Scottish market and will provide landlords with a practical alternative to conventional, interest-bearing, property finance products; one that will not compromise their values or faith.”
The launch follows Al Rayan’s entry into the Scottish market late last year with the opening of a branch in Glasgow.
