Home Purchase Plan - England and Wales
If you are looking to purchase or refinance a property in Scotland, please click here.
The Home Purchase Plan (HPP) helps you buy your home or refinance your home in a way that doesn't involve interest.
All the products in Islamic Bank of Britain's (IBB) range including HPP, have been approved by our Sharia Supervisory Committee.
How does it work?
Unlike a conventional mortgage where the purchaser borrows money from a lender which is then repaid with interest, the HPP uses 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.
Please refer to our Product Guide for further information
Home Purchase Plan products currently available:
For further information:
To request a call back click here
YOUR HOME MAY BE AT RISK IF YOU DO NOT KEEP UP THE PAYMENTS ON YOUR HOME PURCHASE PLAN