A worker on a salary of £30,000 would save £7,405 in interest while those earning between £60,000 and £100,000 could save £15,093.

Nomo launched in the UK in February 2023 as the first digital Sharia-compliant cross-border bank.

The PRA says fine, the second highest ever imposed by the regulator, "reflects the seriousness of the failings".

The Bank is also expanding its SME lending team with a new director and relationship managers.

The largest reduction is to a two-year fixed rate green LTV Boost product.

The lender is increasing default limits and reducing its missed payment policy.

L&G Home Finance has also simplified product names to help customers understand the best solution for their needs.

On average, respondents had to reduce their LTV by nearly 20 percentage points because of their complex income.

Rates have reduced by up to 26bps.

In his new role, Hall will also be responsible for Saffron’s property development team.