Borrowers can click on ‘How much finance can I have?’ to calculate monthly rental payments. On a typical £100,000 loan this amounts to £580.53, which equates to roughly 2.5 times joint income.
Selected financial advisers are piloting the intermediary distribution of Islamic Home Finance, which HSBC plans to widen soon.
Noaman Hasan, UK head of Amanah Finance, said: “We want to break down the perception that Islamic home finance is somehow more expensive than conventional mortgages. By setting our rental payments in line with the market, we are ensuring that it’s realistically priced for people who don’t want to go against their religious beliefs in order to own a home.”
