Sharia compliant home purchase plans can now be given under the Help to Buy mortgage scheme, the Treasury said yesterday. Under the scheme the government agrees to take on some of the risk of the loan on mortgages of up to 95 per cent of the home's value. Under the home purchase plans, also known as Islamic mortgages, the buyer initially buys a portion of the home with the bank owning the rest. Over time they pay rent and a fee to acquire the remainder.
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