Earn a halal income through buy to let
Together with his wife, Hassan Ali is looking to purchase his first buy to let property.
He wants to buy the property in an Islamic way - without interest, which is prohibited in Islam.
Some providers do not offer finance to new landlords, so he needs to find a product he is eligible for.
He’s planning to buy more rental properties in the future and doesn’t want his finance provider to prohibit this.
He also wants to make additional payments, without being charged a penalty.
Hassan has been looking at the Buy to Let Purchase Plans offered by Al Rayan Bank, all of which are available to new and existing landlords.
Al Rayan Bank offers attractive, flexible terms which suit Hassan’s requirements.
They will provide finance to landlords with a portfolio of up to five properties and allow two applicants.
Also, they charge just £25 for additional acquisition payments.
With a 35% deposit, Hassan is eligible for the Standard Buy To Let Purchase Plan from Al Rayan Bank. And, at just 1%, he can afford the administration fee.
Over time, Hassan gradually buys Al Rayan Bank’s share in the property, and at the end of the term the deeds transfer to him.
Al Rayan Bank has helped Hassan to earn a halal income through investing in buy to let property.
We call this “banking you can believe in”.