Al Rayan Bank is reintroducing its 90 per cent and 95 per cent finance-to-value Home Purchase Plan range.

The Islamic bank temporarily withdrew products above 85 per cent FTV in March due to the Coronavirus pandemic and lockdown.

The Sharia-compliant products will initially be available to customers based in England and is available as a two-year and five-year fixed rental rate HPP.

The bank has also repriced its fees assisted HPP product range, reducing rental rates by 0.15 per cent. The bank has made two-year and five-year Fees Assisted HPPs available to customers up to 80 per cent FTV.

‘Fees assisted’ means the bank will assist with customers’ refinance costs by waiving or contributing towards some of the upfront fees normally associated with refinancing home finance from one provider to another.

Al Rayan Bank chief commercial officer Maisam Fazal says: “We want to ensure that Sharia compliant options are available to consumers who can afford the payments on home finance but may not have a large deposit saved, that’s why we’ve reintroduced the low deposit range to the market.

“We recognise there are a range of dynamic housing needs within the UK, particularly in the current climate. We know the coronavirus outbreak halted plans for many and hope the introduction of the 95 per cent FTV range will support first-time buyers looking to get on to the property ladder.”