Nearly half of UK homebuyers would use Islamic mortgage, claims lender

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Despite the perception of Islamophobia in the UK, almost half (45%) of homebuyers are considering using an Islamic mortgage lender.

More than one in three (37%) UK homebuyers are most attracted to Shariah-compliant providers because their funds are not invested in industries such as tobacco, gambling, alcohol, adult entertainment or the arms industry. He said he felt

Islamic home loans are known as home purchase schemes.

Gemma Donnelly, Head of Direct Home Finance at Gatehouse Bank, said: “Today’s rate cut and the launch of our 95% FTV (Finance to Value) product means that four in ten (40%) UK homebuyers will be paying less than their 5-10% deposit when buying a home. Allocate money.

“We aim to make our ethical and Shariah-compliant products available to everyone, and we want our customers to get the most out of our products.

“Our green home finance product offers rental discounts to customers who buy homes with an energy efficiency rating of A or B, and offers discounts on rental costs for as long as the customer remains with the bank, from the average UK property. Gatehouse Bank will offset the carbon emissions generated.Eligible properties.

“This is an important provision for almost half of respondents (48%), who said they would choose a provider that offered an incentive to purchase a property with a higher EPC rating.”

Almost three-quarters (72%) of 18-24 year olds said they would consider a Shariah-compliant provider, compared to just three-quarters (26%) of over 65s who said the same .

Lottie Dougill, Head of Brokerage Sales at Gatehouse Bank, said: “It’s great to see the growing awareness of Sharia-compliant finance among consumers, especially the younger generation. Almost half of 18-24 year olds ( 47%) are interested in this finance.” Align your financial goals with your ethical beliefs.

“However, there is still work to be done for finance providers and brokers alike. Address deep-rooted misconceptions about Shariah-compliant finance so that homebuyers are aware of the full range of options and can take advantage of the benefits that Islamic finance has to offer. It is important that we continue to do so and fill any potential knowledge gaps.”