Paying a mortgage

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noorseeker

noorseeker

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Assalamalikum dear brothers and sisters, I have an issue which is always bothering me. I bought a house three years ago, i rent the property out but do have to contribute towards the mortgage payments.

I know interest is haram in islam. Who wouldnt want their own house and at 22 even better. Its really bugging me now , but when i mention it to my family , i get a lecture and a half, are you gone mad, house prices are rising, no chance to get on the property ladder, I am not married , and not in a financial position to, so its not like i have a wife to move in with,.
When i mention the interest , everyone goes silent or they say everyones doing it, but i cant bury my head in the sand any more , please i need some advice.:playing:
 
Can't you just swap your mortgage to an 'Islamic' house purchase scheme? I don't know where you are but in the UK all the main banks have 'Islamic' alternatives to standard mortages. Same end result but no interest as such is involved.
 
Islamic Bank of Britain offers this sort of thing, I think. Might want to talk to them.

You might also want to talk to either an estate agent, or that balding chap and his (festively) plump ladyfriend off Location, Location, Location.
 
home mortgage > renting out = fraud which is haraam

business loan > renting out = lawful transaction in Britain but due to usury involved, it is haram.

business partnership with bank > renting out = halal but very difficult to obtain/manage
 
I did think of that, i dont trust an islamic mortgage, someone one has to pay for it someway, and because there is no competiton , their prices are way way higher to a conventional mortgage, and if i did take one out there would still be something in the back of my head bugging me. I know they need to make their money from somewhere, example the islamicbankof britain ,if you want to deposit money over the counter , no matter how many times a month they are going to charge you £10 ,

What i hear you say , charge me a tenner for depositing my own money , you have to do a telephone transfer instead, im thinking its to safe costs.

And if you for example lose your job , you are not allowed to take out payment protection, i think it nulifies it, or claim housing benefit, i hope i have not confused anyone
 
Brother Im in a similar position.

But Islamic mortgages are not any better.

Islamic banks tdo charge, but you can always stop interest on savings accounts. Just request it from ur loacl branch.
 

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