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Your Home

Your Home - The Sharia compliant home finance option

Your Home is the easy alternative to an Islamic Mortgage

At Your Home, we understand it may be difficult to get on the property ladder in a way that is Sharia compliant and completely interest free, which is why we believe we can help.


How to buy your mortgage free home:

  • At Your Home you can simply choose the home you want to buy via an estate agent, and we buy the property in partnership with you*
  • That means you buy the share you can afford (you will need to buy at least 25%), we buy the rest and you rent the part you don’t buy
  • You can own your dream home in a halal way without any compromise

   

Your Home are committed to offering this opportunity to Muslim communities and are proud to be certified as Sharia compliant by The Islamic Council of Europe.

Download our certificate here.

   

Enquire today and find out more about how you could buy your dream home with no interest to pay.

   

  • Sharia compliant
  • No interest to pay
  • Mortgage free
  • Buy more of your home at any time

*see Guide to purchasing for full details on how to buy with Your Home.

Islamic Council of Europe Sharia mortgage
Download our Sharia Compliance Certificate
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Want to find out more about our Sharia compliant shared ownership scheme?

Why not speak to a member of our team today by calling 020 3744 0408 or completing the form

FAQs

Is ‘Your Home’ a Sharia compliant finance provider?

Yes. We have been certified as Sharia compliant by a panel of scholars with the Islamic Council of Europe.

How do I know if the Part Buy Part Rent scheme from Heylo remains Sharia compliant?

As per the Islamic Council of Europe's certification, regular reviews of the product will be performed as part of a Sharia audit.

Who has certified ‘Your Homes’ as a Sharia compliant finance option for homebuyers?

Your Home has been certified as Sharia compliant by the Islamic Council of Europe.

Who are The Islamic Council of Europe?

The Islamic Council of Europe are the recognised leading body for providing guidance and solutions based on Islamic principles. The team of qualified scholars and industry experts provide a wide array of experience and skills, working together to produce internationally recognised rulings, issue Sharia Compliance certification to leading corporations and advise on government matters.

 

The Islamic Finance Committee consists of renowned Islamic scholars and judges, as well as experts with backgrounds in risk management, technology, financial markets, trading, audit and philanthropy just to name a few.

 

The panel’s collaboration and consensus ensures that all judgements, rulings and authorisations are robust and impactful.

How is the Your Home gradual homeownership scheme structured to ensure Sharia compliance?

The Your Home gradual homeownership scheme is a very straightforward and clean method of purchasing a property that essentially is based on yourself and Heylo having shared ownership of a joint asset (a property). You only pay for usage of the property that doesn't belong to you through rent, and if you choose to buy more of the property, the rent will decrease in line with your ownership until eventually you own 100% and no rent is due.

 

What makes this so simple from a Sharia perspective is that no lending is involved, you aren't borrowing money which you have to pay back. This scheme allows you to grow your home ownership at your rate.

 

This type of structure classically was called a diminishing musharakah, which simply means a diminishing partnership.

How is Your Home different to an Islamic mortgage?

An Islamic mortgage (in the UK currently), whilst using similar language, is not too different to a conventional mortgage in its money flows and repayment structure. An Islamic Mortgage offers part ownership and part rental. However, with this arrangement, you’re obligated to purchase more of the house.  This obligation makes the structure of the whole process almost identical to a conventional mortgage.

Where does Heylo get its funding from?

Launched in 2014, Heylo’s long-dated horizon funding model has created one of the largest shared ownership programmes in the UK. With over 8,000 shared ownership homes, offering a number of different routes to make home ownership possible. Heylo's mission is to provide the highest standards of service for our continually growing pool of new house buyers.

What is an Ijara mortgage?

An Ijara mortgage – when compared to an Islamic mortgage – more closely resembles a legitimately halal mortgage. An Ijara mortgage is a scenario in which the property you buy - with the aid of a shared ownership scheme – isn't immediately in your name. Rather, the deed only transfers to you once you’ve paid all the rent owed to the lender.

How does an Ijara mortgage differ from a standard Islamic mortgage?

With an Islamic mortgage, you must agree to own a certain amount of the house from the offset. An Ijara mortgage allows for more flexibility in this area, as you can negotiate how much of the house you initially purchase. The only condition is that the home isn’t owned by you until you’ve fully paid back whatever rent you owe.   

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