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

Who owns the property under a sharia mortgage?

The property is sold by the Vender to you as the Buyer; however on Exchange of Contract you assign the Property to the Bank. Thus ownership of the property belongs to the Bank until you have paid the Final Payment. At the beginning of the contract the two parties each contributes towards buying the property. Over the duration, the payments made contributes towards buying the property from the islamic mortgage lender. Thus with every payment the mortgage lenders share of the property decreases, as your share of the property will increase proportionately. During the term of the agreemnet the lender will charge a rent that takes into account the percentage of the property that is held by the mortgage lender.This is a totally different scenario to the conventional mortgage as the bank takes the role of a landlord rather than a traditional mortgage lender, where the role is purely as a financier. It is the duty of both parties to insure the relevent proportion of the property which they own, this is a fundemental principle within sharia that a concept of risk sharing is maintained. However in most cases the lender insures the property and recharges the tennants proportion via the rent, this is acceptable within sharia principles. Under the diminishing agreement you can ask your bank to transfer your property to your self or to a monimated party. However you will need to pay the remainder of the value of the property to your bank when doing so. If you decide to sell your home to a nominated party, then you will need to make sure that the price that you sell the property will be enough for the bank to cover its costs of acquisition. If all the money due to the bank is not transferred, then the bank will not make the name transfer. If the sale proceeds are sufficient for the bank, then the bank will complete the name transfer within a working week.

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