Lender News...
The partnership consists of:
The successful sale completion paved the way for Open Market HomeBuy equity loans (where housing associations offer a type of interest free loan to help low income and Key Worker customers buy a home of their choice on the open market) to be made available to people previously excluded.
Although currently some lenders offer Shariah approved finance and mortgage style products - they are aimed at homes in the open market rather than affordable home ownership. Consequently they do not tend to help Muslim households on lower incomes who cannot afford to buy homes on the open market.
MHO began this pilot in 2004, with the first completion in December of the same year; with further cases going on this pilot programme, which should complete in early 2007.
Metropolitan Home Ownership (MHO)