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**prpaims** · 01-11-2011, 06:47 PM

as-salamu `alaikum sidi,

That was to do with taking interest not giving interest - abuH can correct me if I'm wrong. Also that fatwa is from years ago - I don't even think there were other halal options at that time.

Anyway I don't think you've got all your facts right. I've got HSBC amanah home finance and a good friend of mine has the Lloyds one.... I am pretty sure that when I last looked into all of this a few years ago you didn't need 20% down payment but only 10%. Have you actually arranged to meet their financial advisors?

With my scheme we part own / part rent the property which is similar to what you described... I would avoid the conventional mortgage if I were you. Also, aren't you a doctor? Save up for a while I'm sure you'll be able to collect enough for a deposit even if it is 20% for HSBC/Lloyds/Islamic bank. Of course some people even dispute whether these halal mortgage schemes are allowed but at least you'll have the Mufti Taqi stamp and less guilt insha'Allah

was-salam

Dear Faqir,

The shared ownership scheme that I was referring is different to the one offered via the Islamic Finance model.

The one I am talking about is the one that is commonly sold by Housing Associations in the UK:

http://www.housingoptions.co.uk/ho2/ho2/what_is_SO.asp

As for 10% deposit, those days have long gone since the credit crunch hit. Islamic Bank of Britain require a 20% deposit on their standard product and 30% deposit on their fixed product. HSBC Amanah require 35% deposit for their mortgages. I couldn't find anything on Loyds TSB website.

Thanks for the advice anyway.

And by the way, I am not a Dr

Was Salam

01-11-2011, 06:47 PM	#6
prpaims Join Date Oct 2005 Posts 520 Senior Member	as-salamu `alaikum sidi, That was to do with taking interest not giving interest - abuH can correct me if I'm wrong. Also that fatwa is from years ago - I don't even think there were other halal options at that time. Anyway I don't think you've got all your facts right. I've got HSBC amanah home finance and a good friend of mine has the Lloyds one.... I am pretty sure that when I last looked into all of this a few years ago you didn't need 20% down payment but only 10%. Have you actually arranged to meet their financial advisors? With my scheme we part own / part rent the property which is similar to what you described... I would avoid the conventional mortgage if I were you. Also, aren't you a doctor? Save up for a while I'm sure you'll be able to collect enough for a deposit even if it is 20% for HSBC/Lloyds/Islamic bank. Of course some people even dispute whether these halal mortgage schemes are allowed but at least you'll have the Mufti Taqi stamp and less guilt insha'Allah was-salam Dear Faqir, The shared ownership scheme that I was referring is different to the one offered via the Islamic Finance model. The one I am talking about is the one that is commonly sold by Housing Associations in the UK: http://www.housingoptions.co.uk/ho2/ho2/what_is_SO.asp As for 10% deposit, those days have long gone since the credit crunch hit. Islamic Bank of Britain require a 20% deposit on their standard product and 30% deposit on their fixed product. HSBC Amanah require 35% deposit for their mortgages. I couldn't find anything on Loyds TSB website. Thanks for the advice anyway. And by the way, I am not a Dr Was Salam
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