Assalamualaikum
First time buyer here in sha Allah. Have been renting to avoid mortgages and interest. Cannot afford the deposit for Gatehouse (20%) or AlRayan (35%).
I have come across Crowdtolive (10%). I can manage this through shorter term interest free loans from family and friends in sha Allah.
Not having come across anyone who has used Crowdtolive, would appreciate if anyone would recommend it or otherwise.
Any opinions, suggestions, advice regarding my plans to raise the deposit would be very welcome in sha Allah.
Jazaakumullah khair
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W Salaam, you may also want to look at Primary-Finance.com. But they have a waiting list.
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Assalam alaikum
Ramadan Kareem
I appreciate your difficulties
May I ask you to kindly explain what is Crowdtolive?
Jazaak Allah. I have joined their waiting list now. Do you know how long it is by any chance?
Salaam
Waalaikumassalam
Crowdtolive allows you to buy a £250,000 house for example with a deposit of £25,000. You then own 10% of the house and pay the investor(s) a rent.
The rent is determined by the rent of similar houses in the area.
Say the average rent is £1,000. You will pay £900 monthly (rent-%share). Unlike conventional rental, it’s your house, you can modify it without needing permissions.
Whenever you have saved enough you can pay extra lump sums to buy more share in the house. This will decrease your monthly rent accordingly.
Hope this makes sense.
Salaam