Home Purchase Plan Scotland
Pay rent not interest when you purchase or refinance your home - fixed term occupancy rate option available.
Unlike a conventional mortgage where the purchaser borrows money from a lender which is then repaid with interest, Islamic Bank of Britain's Sharia compliant Islamic mortgage alternatives (Home Purchase Plans or HPP) are based upon the Islamic finance principles of a Co-Ownership Agreement (Diminishing Musharaka) with Leasing (Ijara).
Your monthly HPP payment is made up of two elements, an acquisition payment and a rental payment. When all acquisition payments have been made and the finance has been settled, ownership of the property transfers to you.
Our HPP mortgage alternatives are not exclusively for Muslims, IBB provides competitive rental rates which are attractive to everybody. Finance for your property is generated from ethical activities considered lawful under Sharia. Our administration fees are low and there are no early settlement charges, giving you flexibility with your finances.
For more information please call 0800 408 0435 and speak to a member of our team, or complete our online form and we'll get back to you.
|Discounted variable occupancy rate||Fixed occupancy rate||Finance to value (FTV)|
|N/A||4.99%||90%||Find out more|
|3.99%||4.19%||80%||Find out more|
|3.59%||3.79%||65%||Find out more|