Fees Assisted HPPs
Do you have customers who are looking to move a conventional mortgage to an Islamic alternative, or are looking for a better deal on their existing Islamic home finance?
Al Rayan Bank's Sharia compliant Islamic mortgage alternatives (Home Purchase Plans or HPPs) are based upon the Islamic finance principles of co-ownership (Diminishing Musharaka) and leasing (Ijara).
Al Rayan Bank's Fees Assisted Home Purchase Plans are designed to make it easier for people to move their existing home finance to us.
We'll assist with customers' refinance costs by waiving or contributing towards some of the upfront fees normally associated with refinancing home finance from one provider to another.
- The £399 HPP administration fee will be waived
- The valuation paid by the Bank (up to a maximum of £600)
- Upon the first monthly payment, we'll pay a 'cashback' of £300 to the customer
View our complete range of Fees Assisted Home Purchase Plans
|Finance to value||Discounted
variable rental rate
|Fixed rental rate||Admin
|60%||3.04%||3.34%||£0||Refinance only||View details|
|70%||3.14%||3.44%||£0||Refinance only||View details|
|80%||3.34%||3.64%||£0||Refinance only||View details|
A customer's monthly payment is made up of two elements, an acquisition payment which increases their share of the property and a rental payment for use of the portion that the Bank still owns. When all acquisition payments have been made and the finance has been settled, ownership of the property transfers to customer.
*Home Purchase Plan customers in Scotland pay an 'occupancy payment' under a 'co-beneficiaries' agreement.
|Intermediaries can find out more by accessing Al Rayan Bank’s dedicated intermediary support service, which can be contacted on 0800 694 7238. Upon registration, Intermediaries will be able to introduce business to Al Rayan Bank by referral, i.e. the provision of customer contact details.|