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Islamic Mortgages
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HI all,
I recently took out a shariah compliant mortgage as an expat. However I am returning home in the summer. My agreement says that there can be no overpayments within any fixed rent period. The rent period is fixed for 5 years. Does anyone know if they are able to stop me repaying early? Basically as I am now returning to the UK I can access much more competitive mortgage rates. It is currently 4.5% and from what I can see online I can access about 2.3% (30% deposit). Can anyone tell me if this clause is valid?
Thanks
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There may be a difference between not allowing overpayments and allowing to pay off the mortgage early. You need to ask them.littleirishboy said:HI all,
I recently took out a shariah compliant mortgage as an expat. However I am returning home in the summer. My agreement says that there can be no overpayments within any fixed rent period. The rent period is fixed for 5 years. Does anyone know if they are able to stop me repaying early? Basically as I am now returning to the UK I can access much more competitive mortgage rates. It is currently 4.5% and from what I can see online I can access about 2.3% (30% deposit). Can anyone tell me if this clause is valid?
ThanksI'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1 -
This is quite an old thread. You may get more responses if you start a new thread. Also if you arranged the mortgage through a broker definitely ask them. If you didn’t arrange through a broker you could still pay one for some independent advice on your best way forward.littleirishboy said:HI all,
I recently took out a shariah compliant mortgage as an expat. However I am returning home in the summer. My agreement says that there can be no overpayments within any fixed rent period. The rent period is fixed for 5 years. Does anyone know if they are able to stop me repaying early? Basically as I am now returning to the UK I can access much more competitive mortgage rates. It is currently 4.5% and from what I can see online I can access about 2.3% (30% deposit). Can anyone tell me if this clause is valid?
Thanks1
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