Offa expands its range with new bridge-to-let product

Sagheer Malik, Offa’s group CCO and managing director of retail finance (pictured above), commented: “Speed is the crucial factor in real estate.

“Our ultra-quick bridge-to-let service is the first of its kind in this sector, allowing both Muslims and non-Muslims to save huge amounts of money, unlocking equity and providing wealth for their families.

“We are now offering faith-based finance products that not only outperform those of our competitors in Islamic finance but also those in conventional finance.”

The fintech firm said that while acquiring bridging and BTL finance separately can take months, its new product can provide finance within weeks, depending on credit rating and risk criteria.

Customers pay a single flat £495 bridge-to-let fee instead of having to pay two separate application fees for bridge and BTL products, and they also save 0.5% on BTL arrangement fees.

There is no minimum term on the bridge product, and if a buyer’s rental income is not sufficient for BTL finance they can make up the difference with their personal monthly income.

Naseer Ahmed, Offa’s managing director of bridge finance, said: “By combining our teams’ decades of industry experience with the latest technology, we at Offa are on a mission to bring Islamic finance into the 21st century, leaving behind the onerous paperwork and cumbersome systems that many customers have typically had to suffer in the past.”