Islamic Mortgage
UNB IslamicMortgage is a diminishing ownership product that is based on Ijara principles. The amount paid by the customer results in the customer’s beneficial interest the property increasing.
United National Bank is a UK registered bank that is authorised and regulated by the Financial Services Authority (FSA).
How it works?
You will have to complete the mortgage application form. UNB will use this to consider your application.
Once UNB is satisfied that you have fulfilled their criteria they will send you an offer letter. This will describe the offer terms.
On completion we will pay the amount UNB is willing to pay towards the purchase of the property to your solicitor. You will pay the difference between this amount and the actual purchase price of the property. UNB will be registered at HM Land registry as the legal owner of the property.
You will lease the property from UNB for an agreed number of years. You will pay monthly instalments towards the sale price of the property as well as rent for the duration of the mortgage term. And once you have paid the sale price and the rent due to UNB the property will be transferred into your name.
Qualifying criteria
Suitable for those in permanent employment or the self-employed. Who are able to pay the purchase price before the age of 65. Minimum age 18.
- Credit check
- Bank statements
- Employment status check
- Minimum deposit
- UK national or foreign nationals with appropriate residency status.
- Minimum deposit requirement20%
Qualifying Property & Value
All types of residential property, owner occupied property considered in England, Scotland, & Wales.
Other properties are subject to Bank approval.
Minimum value subject to Bank approval.
Payment terms
25 years.
Income Multiplier
3 times primary annual income (sole applicants).
3 times the higher income plus 1 times the lower income or 2.5 times combined income for joint applicants.
Shariah panel / advisors
- Mufti Abdul Kadir Barkatullah
- Dr. Muhammad Imran Usmani
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