Home ownership
Hi ladies,
I want to know how we as Muslims can go about buying a home as the conventional way is interest involved.
Its such a hard topic to navigate as some take the opinion that its allowed for a first home as there is no other way( unless you have a few hundred thousand £ under you mattress).
I know there are ‘halal mortgages’ and companies like pfida and wayhome that provide a shared ownership type of finance but they too have their own obstacles.
If anyone is comfortable sharing their journey I would really appreciate it.
There is no judgement from me because we all try our best to do whats right for our families. We really want to buy a home for our kids stability in the future but stuck at a crossroads atm with how to go about it.
Thanks in advance
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Thank you for sharing sis. My husband is also sayiing that if we can find a low % and at a fixed rate then it may be possible to look into and try our best to pay it off quickly. May Allah make it easy for us and forgive us all our sins
I'm in the same boat. We are to struggling save as we are private renting and it's expensive..
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I got my first house at 22 with interest. I wouldn't be able to afford to pay double or triple that for a 3 bed in rented accommodation. I am on fixed rate and that's what I've always remortgaged as. I've always has a very low interest rate and locked in for 7 years just before prices boomed. So Insha'Allah I have another 5 years and I hope to be mortgage free Insha'Allah and start saving for my retirement. Most of my monthly repayment goes towards my balance and a small amount is interest. Most importantly for me. The amount Alhamdulillah for a 3 bed is less than 400 and makes the hard times we are living affordable. But I do recognise that it is likely a sin on my scale. May Allah forgive me and know I have the best of intentions.