Al Rayan Bank offering expat and foreign income mortgages
Trinity Financial has access to another lender offering expat and foreign income mortgages.
Al Rayan Bank took over and rebranded the Islamic Bank of Britain in 2014. It has offices around the UK including Knightsbridge and Manchester.
The bank caters for a full range of mortgage borrowers, from expats with British passports buying properties in the UK, to clients from the Gulf states buying second homes in London.
Aaron Strutt, product director at Trinity Financial, says: “Lots of the lenders offer expat and foreign income mortgages, but the rates can be expensive. Particularly through the smaller banks and building societies.
“Al Rayan Bank has some of the more competitively priced fixed and discounted rates, and unusually they do not have any early repayment charges. The bank is even happy to allow expats with foreign incomes to purchase a property and let a family member live in it.”
Selection of mortgages
The Sharia-compliant bank offers traditional residential and buy-to-let mortgages.
Interest-only is available on the buy-to-let mortgage range but residential mortgages will have to be taken on full capital repayment.
Residential mortgages will be capped at 4.5 times single and joint salaries. While the buy-to-let rental calculation used to obtain the maximum loan size is very generous at 125% of the mortgage rate plus 1%.
Unacceptable countries
Most mortgage providers have extensive lists of countries they will not consider lending to when British expats live and work there.
Al Rayan Bank is not lending to clients in countries with arms embargoes and trade restrictions. These include: Afghanistan, Belarus, Democratic Republic of Congo, Egypt, Eritrea, Federal Republic of Yugoslavia & Serbia.
Also... Iran, Iraq, Ivory Coast, Lebanon and Syria, Liberia, Libya, North Korea, Republic of Guinea, Republic of Guinea-Bissau, Somalia, Sudan, Syria, Tunisia and Zimbabwe.
To secure an expat or foreign income mortgage, call Trinity on 020 7016 0790.
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