As in Islam, it is considered forbidden to borrow or lend money in exchange for interest, some of the stricter Muslims are unable to invest in a property for themselves using a standard mortgage and do not have the funds to purchase a property with cash outright.
Therefore the concept of Islamic Mortgages also known as Halal Mortgages and Home Purchase Plans was introduced back in the early 2000's where the bank would purchase the property and then rent it out and sell shares to the customer.
Although the name suggests that this type of mortgage is just aimed at the Muslim society, there are non-Muslims that have also purchased a property using an Islamic Mortgages.
Just like any advice, Levana Finance will assess your scenerio in terms of what you are looking to do and advise the best option for you.
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Your home may be repossessed if you do not keep up repayments on your mortgage. Not all products and services mentioned are regulated by the Financial Conduct Authority.