Offa is now offering FTBs Sharia-compliant BTL finance in a series of customer criteria changes.
BTL applicants will only need to earn £18,000 per annum, the minimum age required has now dropped to 18-years-old, and the way finance affordability is assessed has been simplified.
Customers with terms under five years will pay the standard rate plus 1%, while those with terms of five years or more will only need to pay the standard rate.
As part of the new criteria, portfolio clients will be subjected to stress testing based on the average of current five-year fixed-rate products, now at 6.6%, rather than the standard variable rate, making large portfolio cases more viable.
Offa has also expanded opportunities for overseas clients, with British expats in Malaysia and Hong Kong now eligible for Offa’s Sharia-compliant BTL finance.
Sagheer Malik, chief commercial officer and managing director of retail finance at Offa (pictured above), said: “We strive to make our Sharia-compliant home finance available to the majority of people rather than just the richest among us, which means constantly working to make our services inclusive and affordable.
“This is an example of our actions speaking louder than our words, as we now accept FTBs for the first time, drop the minimum required age 18, and make our stress testing more transparent, along with many other changes that make applying for our finance straightforward, quick and easy.”
