The IBB Buy To Let Mortgage is designed to provide 'the mortgage alternative' to conventional buy to let mortgages; approved by the Bank's Shariah Supervisory Committee.
|Available for new purchases, refinancing and releasing additional capital||Up to 75% maximum finance to value.
Rent Rate = 5.49% (Bank of England Base Rate + a margin of 4.99%).
|Finance Amount||£70,000 to £500,000 (higher amounts may be considered).|
|Minimum Property Value||£100,000|
|Term||7 - 30 years.|
|Maximum number of applicants||Two applicants.|
|Minimum age of applicants||25 Years.|
|Rent Reviews||Rent reviews in March, June, September and December.
New rent rate effective from 1st April, 1st July, 1st October and 1st 1st January.
Additional Acquisition Payments can be made in the month prior to each rent review (minimum £4,000 with a £25 administration fee).
|Margin||The bank reserves the right to change the margin on its products however, a cap applies of 2%. This means that the bank cannot increase the margin on its BTLPP product by more than 2% over the margin that applied at the outset.
You will be given at least 30 days advance notice of any changes in the pricing structure.
|Settlement||Customer has the option to sell the property at anytime without any penalties (subject to an administration fee to cover any costs).|
|Conditions for eligibility||Minimum annual salary of one of the applicants to be £25k.
Rental income to be 125% of monthly BTL finance payment.
Applicants can only have a maximum of 5 BTL properties including the one they intend to purchase.
One of the applicants needs to already be a homeowner and must have been for at least 12 months.