Al Rayan Bank has announced a series of reductions to products within its buy-to-let range.

Notable cuts include the 80 per cent FTV two-year fix, reduced from 3.84 per cent to 3.39 per cent, and the 80 per cent FTV two-year discount from 3.74 per cent to 3.19 per cent. Both deals are for UK residents.

The bank has also cut rates on the 75 per cent FTV two-year fix from 3.99 per cent to 3.89 per cent, and on the 80 per cent FTV two-year fix from 4.09 per cent to 3.59 per cent.

The former deal is for UK expats, while the latter is for limited companies.

All four offerings include a 1 per cent fee of the finance amount.

Furthermore, the bank has also added a number of products to its BTL range, including an 80 per cent FTV five-year fix at 3.89 per cent. This offering is exclusively for UK residents, and also includes a 1 per cent fee of the finance amount.

Al Rayan Bank chief commercial officer Maisam Fazal says: “As the largest provider of Sharia compliant home and property finance in the UK, Al Rayan Bank is committed to making our products as widely available as possible.

“Reducing our rental rates by such a significant amount and introducing new five-year fixed rental rates means that more people will be able to apply for our buy to let products.”