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IBB Home Purchase Plan

Islamic Bank of Britain

 

The IBB Home Purchase Plan is designed to provide 'the mortgage alternative' to conventional mortgages; approved by the Bank's Shariah Supervisory Committee.

Fixed Product

Key Features  
Available for new purchases, refinancing and releasing additional capital Up to 80% maximum finance to value (FTV).
Rent Rate = 4.19% fixed until December 2013, reverting to Bank of England Base Rate + a margin of 3.99%.
Finance Amount 70,000 to 750,000 (higher amounts may be considered).
Minimum Property Value 100,000
Term 7 - 30 years.
Maximum number of applicants Up to 4 applicants who must be owner occupiers of the property being financed.
Administration Fee 299
Valuation and legal fees Paid by the applicant(s).
We will pay up to 400 (inclusive of VAT) towards the costs of our own solicitor's fees as a contribution towards supporting your HPP application.
Minimum age of applicants 21 years.
Rent Reviews Fixed period ends in December 2013.
The new Rent Rate effective from 1st January 2014.
Rent will be reviewed quarterly thereafter in line with our Standard product.
No additional acquisition payments are permitted during the fixed period but after this period ends, additional acquisition payments can be made in the month prior to each rent review (minimum 4,000 with a 25 administration fee).
Margin The maximum increase in the margin will be 2% above the initial margin that applied at the outset.
The bank cannot change its margin whilst a fixed rent rate applies.
You will be given at least 30 days advance notice of any changes in the pricing structure.
Settlement Customer has the option to sell the property at anytime without any penalties (subject to an administration fee to cover any costs).

Notes:

1. The Bank reserves the right to change the margin on its product.  The maximum increase in the margin  will be 2% above the initial margin that applied at the outset. Customers will be given at least 30 days advance notice of any changes in the pricing structure.

2. Fees: The Bank will pay up to 400 towards the costs of its own legal fees.

3. The four people must be owner occupiers of the property being financed.

>> click here to submit an enquiry.

Standard Product

Key Features  
Available for new purchases, refinancing and releasing additional capital Up to 80% maximum finance to value.
Rent Rate = 4.49% (Bank of England Base Rate + a margin of 3.99%).
Finance Amount 70,000 to 750,000 (higher amounts may be considered).
Minimum Property Value 100,000
Term 7 - 30 years.
Maximum number of applicants Up to 4 applicants who must be owner occupiers of the property being financed.
Administration Fee 299
Valuation and legal fees Paid by the applicant(s).
We will pay up to 400 (inclusive of VAT) towards the costs of our own solicitor's fees as a contribution towards supporting your HPP application.
Minimum age of applicants 21 years.
Rent Reviews Rent reviews 4 times a year in March, June, September and December.
New rent rate effective from 1st April, 1st July, 1st October and 1st January.
Additional Acquisition Payments can be made in the month prior to each rent review (minimum 4,000 with a 25 administration fee).
Margin The maximum increase in the margin will be 2% above the initial margin that applied at the outset.
You will be given at least 30 days advance notice of any changes in the pricing structure.
Settlement Customer has the option to sell the property at anytime without any penalties (subject to an administration fee to cover any costs).

Notes:

1. The bank reserves the right to change the margin on its product.  The maximum increase in the margin  will be 2% above the initial margin that applied at the outset. Customers will be given at least 30 days advance notice of any changes in the pricing structure.

2. Fees: The Bank will pay up to 400 towards the costs of its own legal fees.

3. The four people must be owner occupiers of the property being financed.

>> click here to submit an enquiry.

 

Islamic Mortgages Info

The Qur'an (2:276) says: "Allah has permitted trade and forbidden usury" and in 2:278 reminds the Muslims: "O ye who believe, keep your duty to Allah and relinquish what remains (due) from interest, if you are believers."

As a prospective purchaser of Islamic mortgages, we believe that you need to understand the issues which exist, question the authority of the Fatwa's which have been made and look to see what is right for the eyes of Allah.

Copyright © 2011 Islamic Mortgages.co.uk Please read our Terms and Conditions
The entire product range offered on this website is Shariah compliant. However, from time to time we will promote relevant none Halal products where no Islamic / Halal alternatives exist. Your home is at risk if you do not keep up monthly payments due under an Islamic / Halal mortgage agreement (your lease and / or diminishing ownership agreement).