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Islamic / Muslim Mortgages
Murabaha Mortgages – Lender Resells House to Borrower
Murabaha mortgages are much less popular in the UK, and very few Islamic lenders offer them.
The main reason for this is that a very large initial amount of capital is normally required by the borrower, and the lending term is typically no more than 15 years, making it difficult to afford for most borrowers.
Murabaha mortgages work in this way:
-
You
find a property and agree a purchase price with the seller
-
You
then agree the loan required with your Islamic lender
-
Typically,
you will have to provide around a 20% deposit at this time
-
The
lender will then buy the property and immediately resell it
to you for a higher price
-
You
will then pay back the lender the resale price in fixed instalments
until you own the property completely
- Typically, a Murabaha mortgage will not extend beyond 15 years, so repayments can be quite high
The difference between the original purchase price and the higher price at which the property is resold to you provides the Islamic lender with a profit that is compliant with Islamic law.
Read on
Background to Islamic / Muslim Mortgages
Read on about Mortgages for First time Buyers
Process / Flow Chart of What Happens
Intro / What you're getting into
Buying
your first home
Be careful
out there
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the first mortgage you can
Problem:
having enough money
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UK Government Help, HomeBuy and Key Workers Schemes
Read On / Mortgage Guide
Choosing
a Mortgage
UK Mortgage Types
UK
ReMortgages
How to get Your Mortgage
What is a Mortgage in Principle
Costs and Fees of UK Mortgages
Summary of All UK Mortgage Types
Read On
Guide to Home Buying for the UK
UK Mortgage and Home Insurance
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