Please find below details of our current product range offered in conjunction with The Governor and Company of Bank of Ireland (unless otherwise stated)
For applicants who are purchasing a residential property as an investment, alburaq Buy to Let allows you to purchase a residential property as an investment.
Minimum age 21
Minimum term 8 years
Maximum term 25 years
You may purchase up to 5 properties in addition to your own home.
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Buy To Let Standard – (purchasing an additional property as an investment) |
Product Code VB019 (Purchase) VB020 (Refinance) |
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Rent is calculated 6 monthly, on the basis of 6 MONTH LIBOR (on the 1st September and 1st March) plus a fixed margin of 1.59% (profit margin guaranteed for the entire term)
**Current pricing is 6 Month LIBOR (5.72%) + 1.59% = 7.31%
Arrangement Fee £499
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Buy To Let Standard - Refinance Only |
Product Code RE003 - Refinance Only |
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Rent is calculated 6 monthly, on the basis of 6 MONTH LIBOR (on the 1st September and 1st March) plus a fixed margin of 1.77% (profit margin guaranteed for the entire term)
**Current pricing is 6 Month LIBOR (5.72%) + 1.77% = 7.49%
Arrangement Fee £499
FREE Valuation
£1000 towards costs on completion
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Buy To Let Fixed Until March 2009 – (purchasing an additional property as an investment) |
Product Code FB005 (purchase) or FB006 (refinance) |
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Rent fixed until 31st March 2009 at 6.89% and thereafter calculated 6 monthly, on the basis of 6 MONTH LIBOR* (on the 1st September and 1st March) plus a fixed margin of 1.79% (which is then guaranteed for the remainder of term)
**Current pricing = 6.89%
Arrangement Fee £499
With all products, you can pay the outstanding balance at any time without penalty.
Our rent reviews are on 1st September and 1st March - you can make additional lump sum payments prior to each rent review, there is no minimum amount and there is no charge for doing so.
** Please note that your monthly payments can go up OR down on 1st September and 1st March subject to the LIBOR rate at that time and the profit margin. If you have chosen a discounted product please note that after the discounted period has ended the profit margin will revert to a margin as per your preferred product. Please see the product pricings above for details.
*LIBOR - means the London Inter-bank Offered Rate, and is used as a benchmark for the pricing of rent. LIBOR rates are set daily and can be easily obtained in financial newspapers or on the internet. Our Shariah Supervisory Committee has permitted the use of LIBOR to calculate rent, provided that it is a benchmark that is well known or easily available so that no dispute can arise when calculating rent.
Rates are correct as of 18th August 2008
Any offer of finance will be subject to status and satisfactory valuation report. Terms and conditions of the above products maybe subject to change or maybe withdrawn at anytime.
YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP MONTHLY PAYMENTS DUE UNDER YOUR LEGAL AGREEMENTS WITH US
