Islam forbids Muslims from dealing with anything that involves earning or paying interest. This closes the doors of home ownership to Muslims who hold dearly onto their faith. As a workaround, Islamic mortgage works around the religious restrictions to offer religious Muslims a way to own their homes through Sharia-compliant (or Halal) financing solutions.
Even though they are referred to as Islamic mortgages, they differ drastically from traditional mortgages. In an Islamic mortgage, the bank buys the property you are interested in and sells it back to you for an increased price. There is also an option in which the bank after buying the property leases it out to you.
Leodis Financial can help you find lenders who offer Islamic mortgage facility. The lender buys the property from the seller on your behalf whereas, in a traditional mortgage, the lender would give you the money to buy the property from the seller. Once the seller has bought the property on your behalf, you will agree to pay to seller a higher price.
You still pay in instalments but there is no interest so it is considered Sharia-compliant. No matter how much the Bank England interest rates fluctuate, your Islamic mortgage monthly payments stay the same.
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