MORTGAGE HELP DESK UK

Mortgage Help For Those Seeking An Islamic Mortgage Quote To Best Suit Their Circumstances

We Could Help find you an Islamic Mortgage, At a Very Competitive Interest Rate

The Main priority is to provide you with a first class service for all your Islamic Mortgage needs, Depending on your circumstance we can help you find an Islamic Mortgage at a very competitive interest rate, we do all the leg work, so you can relax. Click Here to request a call back and an advisers will contact you shortly.

Back To Islamic Mortgage Customers Click Here For Our FREE Guide To Mortgages Mortgage Help Desk UK - Mortgage Products

Bank of Ireland Sharia -criteria

ABC International Bank (ABC) and BOI plc have joined forced to offer you Alburaq – The Muslim Home Finance. Alburaq Home Finance is based on Ijara and Diminishing Musharaka principles. BOI will buy the home, and contributing up to ninety percent of the purchase price.

You will then pay the deposit ie the remaining share and pay the outstanding sum over an agreed term, together with a rental. With each payment, the Bank’s share in the property reduces while your share increases. While the purchase instalments are being made, the Bank will charge you a rent for the use of its share of the property, the rent being calculated according to the respective shares owned:

PROCESS

Step 1 - You make an initial payment to the Lender of at least 10% of the value of the property . You then sign two contracts, the Ijara contract and the Diminishing Musharaka . You then make a declaration that you wish to purchase the remaining 90% of the property over an agreed period and you agree to pay rent to the Lender.

Step 2 – the Lender then buys the property on your behalf

Step 3 - The property is then transferred to you from the original seller.

Step 4 - The property deeds are then transferred to the Lender.

Step 5 - When you have purchased the property completely, the lender will the transfer the property deeds to you.

CRITERIA

Clients- First time buyer / home mover mortgages, Buy to let options (for up to 10 properties), Self cert. options, Minimum deposit requirement,-Residential Applications: £15,001 - £500,000: 90% of the value of the property Self Certification Application: £25,001 - £500,000: 85% of the value of the property.

The maximum finance allowed for individual properties is £400,000, being up to 85% of the property value, Regarding Buy to Lets, The maximum lending allowed for individual properties is £500,000, being up to 75% of the property value Multiple properties/ portfolios are allowable; The rent you charge your tenant must be at least 115% of the rental payment you must pay each month; Payment terms, You can take Muslim Home Finance for between 7 and 25 years. And you can pay off the balance of the purchase price from the Lender at any time.

Income Multiplier Where 1 applicant has gross income of at least £20,000:4.0 x main + 1 or 3.25 x joint where gross incomes is less than £20,000:3.5 x main + 1 or 2.75 x joint

Back to Top

 

Sharia Mortgages Frequently Asked Questions

Back to Top

Mortgage Help Desk UK - Mortgage Products

Remortgage| Self Certification Mortgages| Fixed Rate Mortgages| Discount Rate Mortgage| Consolidate Debts| Interest Only Mortgages| Capped Rate Mortgage| Right to Buy Mortgage| Shared Ownership Mortgages| 125% Mortgage| 100% Mortgage| IVA Mortgage| Flexible Mortgage| Low Wage Higher Mortgage| Graduate Mortgage| Offset Mortgage| Cash Back Mortgage| Home Income Plan Mortgage| Homebuy Mortgage| Base Rate Tracker Mortgage| Bridging Finance| Social HomeBuy Mortgage| New Build HomeBuy Mortgage| Open Market HomeBuy Mortgage|

Back to Top