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Step by step guide to buying a home

1. Get some good advice If you're buying a home for the first time or moving, Islamic Mortgages can show you the way. Each lender can take you through the Islamic mortgage buying options once you contact them.

2. Find out how much you can affordBefore you start looking for your new home, you can use our guide:How much you could borrow (mortgage calculator)

3. Get a mortgage decision in minutesEach lender will try to answer all your enquiries as quickly as possible. For an initial decision in principle, please contact the lenders or use the basic guide on our website to see if you qualify in the first instance (each lenders decision is subject to your personal and financial status and credit reference check).

4. Start house huntingIt helps to have some idea of what kind of property you want, and where you want to live.  

5. Making an offerIf you are interested in a property, make an offer to the seller's estate agent. If your offer is accepted, it will be on the basis of being 'subject to contract'. This means that you and the seller have agreed in principle to go ahead with the transaction but neither of you is yet legally bound. 

6. Apply for your mortgage; Click here to see the banks that provide UK Islamic Mortgages  

7. Arrange for a survey The lender will arrange this for you as part of your mortgage; they will advise you about the different types of valuations and surveys available and how much they cost. 

8. ConveyancingWhile you're having the valuation done and getting the information you need, you will also need to arrange the conveyance. Some lenders have their own panel of solicitors who deal with this specialist area. Conveyance covers things like checking legal documents relating to ownership of the property and making local authority searches to find out if there are any plans in the pipeline that would adversely affect the property and its value.

9. Your mortgage offer arrivesOnce the lender has made all the relevant checks and everything is OK, they will make you a mortgage offer. This will arrive by post.

10. Contracts are exchangedOnce your conveyance has been completed (when all the legal checks have been done) and the solicitor will give you the go ahead, you'll be able to sign the contract. The seller signs an identical contract and your respective solicitors swap these signed documents in what's known as 'exchange of contracts'. At this point both you and the seller become legally bound. You have to pay a deposit at this stage - through your conveyance.

11. Completion - the property is yoursWhen contracts are exchanged, a date is set for completion - the day the property becomes yours. On completion, the balance of the purchase price is paid to the seller's solicitor in return for the title deeds of your new home.


Please note:It is important to note that the exact legally bound relationship with each lender will ultimately depend on which product you decide to use and the lending criteria of each lender. The above process is given in its simplest form; most arrangements under Islamic Mortgages follow a similar procedure, except that the relationship you will eventually enter into will be rent/lease based.




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 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).