Islamic Mortgages – Diminishing Musharaka
Islamic Bank of Britain offers mortgages and Bristol & West (Al-Buraq) through an association with Arab Banking Corporation. West Bromwich Building Society is an introducer to Ahli United Bank. HSBC has Ammanah Finance and more recently we have Lloyds TSB Islamic Finance.
A more recent introduction to the Islamic market is Diminishing Musharaka – this involves joint ownership by the lender and the client. With each payment by the client, partial transfer of ownership takes place.
Clients have to understand that the Islamic market is unregulated. This means consumers are not protected.
At Mayfair Consulting our brokers are experienced in this market and we have a specific team that deals only with Islamic Mortgages.Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The overall cost for comparison is 7.1% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There may be a fee for the mortgage advice. The precise amount will depend on your circumstances, but we estimate it will be 1.5% of the loan amount with a minimum fee of £500 added on to the loan.
Mayfair Consulting Limited is an Appointed Representative of The Mortgage Times Group Limited, 279 Tottenham Court Road, London , W1T 7RJ , which is authorised and regulated by the Financial Services Authority no. 303007.
