What is the current Stamp Duty situation on Sharia mortgages?

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What is the current Stamp Duty situation on Sharia mortgages?

From 2003 the legislation relating to stamp duty was adjusted to incorporate specific rules for the Muslim Mortgages until 2003 the Muslim Mortgages had a restricted uptake, this was due to the fact that the transaction involved a double payment of stamp duty and this made them uncompetitive and cost inefficient. However; this rule has since been removed and now stamp duty is only paid once.

Since then the market for the Muslim Mortgage has grown at a steady pace, indicating the main barrier had been removed for these products to be accepted. Old regulations required stamp duty to be paid on both the original purchase and any subsequent sale or transfer; in all cases, that burden fell on the customer.

Under new orders issued in 2003 by the Bank of England - stamp duty on a mortgage would have to be paid just once payable on the first transfer of title.

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 ?

Mortgage Help Desk UK - Mortgage Products

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