Islmaic Mortage for a non believer?

Noz

surely as those involved have stated they no longer wish to continue the debate, we can let this issue rest and only questions regarding the practical considerations of such a mortgage be placed in this thread

Revenge_of_the_Red_Devil

Agreed - I deletd my post.

Eildon_2

hi,

the Islamic mortgage requires an applicant to have a minumim of 20% deposit before they consider you for a mortgage

absolutebounder

The really great bit is that old gordon gets two lots of stamp duty. I really cant see what religion has got to do with buying a home. All the above arguments slating off Islam Judaeism and Christianity is daft as they all derive from the old testament and worship the same god. If any one was to read the old testament you would realise what a nasty person Yah weh is.
If the sharia mortgage can be shewn to be good on financial merrits alone then Im sure people would buy it. The thing that amuses me though is all these people supporting the Islamic mortgage shoulg go to Iran and ask for a christian or jewish mortgage and see how far they get

maninthestreet

Would an islamic mortgage insulate the borrower from payment increases if the BOE base rate was increased? Similarly, if the BOE base rate was reduced, would the borrower not see the benefit in terms of a reduced payment?

Sarahsaver

As you are in effect 'renting' your house you are entitled to housing benefit should you become unable to work.

MarkyMarkD

maninthestreet wrote: »

Would an islamic mortgage insulate the borrower from payment increases if the BOE base rate was increased? Similarly, if the BOE base rate was reduced, would the borrower not see the benefit in terms of a reduced payment?

As previous posts have said, in at least some cases the "rent" is merely a thinly-disguised version of interest on the supposedly non-loan, so much so that the rate at which the "rent" is calculated is based on LIBOR (which moves loosely in line with bank base rate).

Some other products might have a fixed rate of interest (oops, "rent").

There's no reason why they shouldn't work in either of the two ways as they are really just mortgages using code-words of "rent" for "interest" to satisfy a dubious interpretation of religious law. IMHO.

If someone doesn't believe in borrowing money, they simply should rent a house. End of story. Hence there's no need for Islamic "mortgages".

absolutebounder

MarkyMarkD wrote: »

As previous posts have said, in at least some cases the "rent" is merely a thinly-disguised version of interest on the supposedly non-loan, so much so that the rate at which the "rent" is calculated is based on LIBOR (which moves loosely in line with bank base rate).

Some other products might have a fixed rate of interest (oops, "rent").

There's no reason why they shouldn't work in either of the two ways as they are really just mortgages using code-words of "rent" for "interest" to satisfy a dubious interpretation of religious law. IMHO.

If someone doesn't believe in borrowing money, they simply should rent a house. End of story. Hence there's no need for Islamic "mortgages".

Very true. what gets me is we have to reorganise our lives around a set of rules made by man to keep their religious icon happy
When one person suffers from delusion we call it insanity but when a mass suffer from delusion we call it religion.
I agree dont like interest then rent. I bet they dont mind getting interest on their bank account or do we have sharia bank accounts with no interest now? Actually my Barclays account isnt that far off.

MarkyMarkD

Indeed, you are right that there are compliant Islamic bank accounts with no interest paid. Not surprisingly the banks are quite keen to offer these.

IFA

MarkyMarkD wrote: »

Indeed, you are right that there are compliant Islamic bank accounts with no interest paid. Not surprisingly the banks are quite keen to offer these.

Cool, I think I'll start up a new business called "islamabank", I'd make a fortune