How Long will the Sharia mortgage process take?

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How Long will the Sharia mortgage process take?

The process of obtaining an Muslim mortgage is similar to that of obtaining a non Muslim mortgage, once you have found the property that you wish to buy, and you have agreed on a price with the person who is selling it, you will then contact your Muslim Mortgage lender and advise them of the price of the property, the Muslim Mortgage lender then acts on your behalf by purchasing the property under an agreement called “Promise to Purchase”. This is done by the conveyances and you will assign the benefits of the contract to the Lender.

If we assume that you have decided on the property the Lender has underwritten the purchase, and then expects the following process. The lawyers or conveyance work is similar to the non Muslim mortgage process in that they will carry out the usual searches and information gathering with the seller’s solicitors. The main difference between a non Muslim transaction and an Muslim transaction is that on exchange of contracts the benefit of the contract are assigned to the financier and the transfer of the legal title will pass to the Lender.

The transfer of finance will be forwarded to the Solicitor. The solicitors will then advice you regarding the mortgage and provide you with all the documentation for you to sign. When all the searches and information has been received, and there are no outstanding issues then the solicitor will proceed with exchanging contracts and fix the completion date. In summary.

Step 1 - You make an initial payment to at least 10% of the property value.

Step 2 – The Lender contributes up to 90% of the property value and buys the property on your behalf,

Step 3 - The property is then transferred to you from the seller via a lease agreement.

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

Step 5 - When you have purchased the property completely, the property deeds are transferred to you.

Sharia Mortgages Frequently Asked Questions

What is the role of a Sharia Mortgage?	How Long is the mortgage process ?
Are Sharia mortgages FSA Compliant?	Which Lenders offer Sharia Mortgages?
Bristol and West - mortgage criteria	What is the Stamp Duty liability ?
Ahli United Bank - criteria	Who owns the property ?
Lloyds TSB - sharia mortgage criteria	Can the rent payments change?
Bank of Ireland Sharia -criteria	Can I get a commercial properties?
Islamic Bank of Britain -criteria	Will the Bank require Life Assurance,?
HSBC - sharia mortgage criteria	Is a Sharia Mortgages more costly?
UNB - sharia mortgage criteria	Buy To Let, Right To Buy or Key Worker?
Can I get Sharia Home Insurance?	Who gains when property prices go up ?

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