Despite the outbreak of Covid-19, UBL UK seeking further growth ahead supporting its professional landlords.
Islamic finance lender, UBL UK, has cemented their commitment to support the Residential Real Estate space after reporting a 9.6% rise in lending to professional landlords.
UBL UK is an FCA regulated lender was launched in 2001. Its objective was to provide Islamic and conventional retail banking products alongside a range of business banking products.
The bank offers a range of ethical Islamic savings accounts. It also offers conventional savings products that serve UK savers looking for a bank that shares their values. The Bank uses these deposits to support the funding of professional landlords. The lender provides landlords with a range of Islamic buy-to-let agreements and residential real estate lending facilities. The Bank provides bespoke underwriting and a dedicated community relationship manager to every customer.
The lender says it is now seeking to expand its support for introducers. It significantly aims to grow its loan book through non-direct channels by the end of 2021.
Brian Firth, UBL UK’s CEO, commented:
“Despite the many challenges presented by Covid-19, UBL UK remain committed to supporting professional landlords navigate the changing landscape and the Bank has continued to see heightened demand from this segment of the market.
“We welcome the Chancellor’s recent announcement in his July 2020 statement, increasing the Stamp Duty Land Tax threshold on property purchased in England and Northern Ireland to £500,000 from 8th July 2020 until March 2021. UBL UK has seen a further step up in demand from professional landlords since this announcement underpinning demand in the face of challenging economic conditions.”
Zeeshan Haider, UBL UK’s chief business officer, also added:
“With the announcement also applying to buy-to-let property purchases, there are benefits to professional and incidental landlords. Whilst buy-to-let surcharges will remain, a purchase of £500,000 before the March 2021 cut-off will realise £15,000 in Stamp Duty Land Tax savings compared to pre-8th July 2020 transactions, when adding to a property portfolio or buying a second property for the purpose of letting it to third party residential tenants.
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