I have a query, which I was hoping you could help on. I currently live in a council house which I hope to buy in the near future, inshaa’allah! The house is great, located in a good neighbourhood and has a lot of potential. We were offered this house with a great discount so it’s definitely an opportunity not to miss out on. I wanted to go through an Islamic bank to finance the house but they do not offer mortgages under the right to buy scheme, even though I am willing to put down a good deposit. Interest is forbidden in Islam so conventional banks is out the picture. Some nations have got rid of the right to buy scheme so I want to purchase the house before it’s too late. It will take me a few more years to save up the full amount for the house, including any additional fees that involves around purchasing a home.
Do you have any advice on this? Do you know any Islamic lenders who offer mortgages under the right to buy scheme?
Many thanks in advance!