New Islamic mortgage alternative launched

Fri, 02 Dec 2011
A new Islamic mortgage alternative has been launched by the Islamic Bank of Britain (IBB).

The lender has entered the buy-to-let home loan market with the introduction of its Sharia-compliant deal, which can be accessed by landlords of any faith in search of ethical finance .

Proprietors will need to put down a deposit of just 25 per cent in order to attain the Islamic mortgages.

As part of the launch, IBB has also unveiled a promotional procuration fee of 0.5 per cent gross, which us payable on referrals that drawdown as long as this is done before March 31st next year.

Simon Walker, head of sales at the financial institute - which is a member of the Financial Services Compensation Scheme - noted buy-to-let is proving popular among investors once again.

The industry figure stated: "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 expects the new product will be in much demand, especially as rental yields are increasing and property is viewed as a sound investment for the long-term.
Salaam-u-Allaikum
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