Offa the Islamic property finance fintech has launched a bridge-to-let finance service – combining Offa’s bridge product with its paperless buy-to-let (BTL).
Commenting on the launch Offa’s group chief industrial officer and managing director of retail finance Sagheer Malik stated: “Speed is the essential consider actual property. Our ultra-quick bridge-to-let service is the primary of its type on this sector, permitting each Muslims and non-Muslims to avoid wasting enormous quantities of cash, unlocking fairness and offering wealth for his or her households.
Malik explains that prospects keep away from double-application charges for bridge and BTL, paying a flat £495 bridge-to-let payment as an alternative, they usually save 0.5% on BTL association charges.
There is not any minimal time period on the bridge product and if a purchaser’s rental earnings is just not ample for BTL finance, they’ll make up the distinction with their private month-to-month earnings – often known as top-slicing.
Instead of utilizing curiosity, Offa’s BTL product includes the Islamic finance rules of co-ownership-with-leasing. Customers purchase the property in partnership with Offa and make month-to-month funds to extend their share, over time proudly owning it.
The service is offered to anybody buying property in England and Wales aged 18 or over, with a minimal earnings of £18,000 every year, and with a minimal property worth of £80,000.
