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Can I use a Shariah mortgage for shared ownership or right to buy?

April 26, 2017buy mortgage ownership right Shared shariah

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Can I use a Shariah mortgage for shared ownership or right to buy?

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Unfortunately you can’t use a Shariah mortgage to finance the purchase of a home through shared ownership or right to buy schemes. This is because Islamic home finance depends on the bank buying your home on your behalf, but councils and housing associations are only legally able to sell homes through the right to buy scheme, or shares in homes through shared ownership schemes, to the tenant, and not to a bank.