OFFA has cut the reduction rate of Islamic Purchase (BTL) products.
Financial providers have lowered the two-year BTL rate by 0.21%, while the five-year product BTL rate is up to 0.24%, while the Tracker Rate product product additional reduction rates.
Homes with multiple occupancy (HMO) and multi-unit freehold block (MUFB) product fees have also been reduced from 1.5% to 1%.
“While possible, we will continue to lower interest rates for our fast and easy Islam-compliant BTL financial products, always focusing on providing the best deals for our customers,” said Sagheer Malik, Chief Business Officer and Managing Director of Retail Finance.
“We are committed to bringing Islamic finance into the 21st century, leaving behind the heavy paperwork and tedious systems that many customers have usually suffered in the past.”
OFFA recently announced that first-time home buyers can now get BTL financing The minimum age required is reduced to 18 years old.
