Offa has made rate cuts on its Sharia-compliant buy-to-let (BTL) products.

The finance provider’s two-year BTL rates have been lowered by up to 0.21%, and up to 0.24% for five-year products, with additional rate reductions on tracker rate products. 

Homes in multiple occupancy (HMO) and multi-unit freehold block (MUFB) product fees have also been cut from 1.5% to 1%.

Offa chief commercial officer and managing director of retail finance Sagheer Malik says: “We will continue to drop rates for our fast and easy Sharia-compliant BTL finance products whenever possible, always focusing on giving our customers the best deal.”

“We are dedicated to bringing Islamic finance into the 21st century, leaving behind the onerous paperwork and cumbersome systems that many customers have typically suffered in the past.”

Offa recently announced that first time buyers can now get BTL finance and the minimum age required dropped to 18-years-old.