Islamic Mortgage

LovelyR

Okay so I live in a council house and qualify for a RTB discount... but also wanted to buy it with an Islamic mortgage, but this is where I hit a brick wall! The council can't allow an Islamic mortgage as one of the rules is the mortgage provider will buy a percentage of the house with you (depending on what percentage you can affoed to pay), but the council's rules say that only person who have been living in the same house for at least 6 months can buy with you but not a company
I really think the government is missing a trick here, so many more people would consider buying if this option was unavailable to them.
I really feel annoyed, but honestly don't want to go for a conventional mortgage.
Please can other people make their local MP's aware of this issue as I have, so maybe rules can be changed (hoping).

ACG

LovelyR wrote: »

I really think the government is missing a trick here, so many more people would consider buying if this option was unavailable to them.
I really feel annoyed, but honestly don't want to go for a conventional mortgage.
Please can other people make their local MP's aware of this issue as I have, so maybe rules can be changed (hoping).

I am not sure the council will agree. There is a massive shortage of council houses and council properties in general. They probably only sell the properties because they have to.