The IBB will now offer a 2-year fixed rental rate Home Purchase Plan at 3.79% and a discounted variable rental rate HPP at 3.59%. Both plans are available to consumers with a deposit of 35%.
Imran Pasha, head of sales and service at IBB, said: “This is the first time IBB has offered home finance to consumers with a 35% deposit.
“The launch will benefit home buyers with a larger deposit, existing homeowners looking at re-financing deals or those seeking to release some equity from their property.
“They now have access to a competitive, Sharia compliant and ethical finance product, rental rates start at 3.59%* with a low product fee of only £399 and flexible terms.”
IBB’s move follows a recent rental rate cut by the Bank on its 80% Finance to Value HPP.
Rental rates start at 3.99% for the discounted variable rental rate HPP (discounted by 0.50% until 30 June 2015), with product fees of £399 and flexible terms.
Furthermore, all of IBB’s HPPs, including its fixed rental rate products, allow customers to settle the finance in full at any time, without incurring an early settlement penalty charge.
