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Home Purchase Plan Home Purchase Plan Product information alrayanbank.co.uk Sharia compliant, flexible, affordable home finance Unlike a conventional mortgage where the purchaser borrows money from a lender which is then repaid with interest, the Home Purchase Plan (HPP) from Al Rayan Bank uses the Islamic finance principles of co-ownership and leasing. We have a dedicated team of experts They will provide the necessary available who will guide you through information and advice, and make a the stages of your HPP enquiry. recommendation for you after assessing your personal circumstances and needs. Our team not only understands the house buying and refinancing processes but also understands the Sharia principles involved. alrayanbank.co.uk 2 3 How a HPP works Both you and Al Rayan Bank contribute towards the purchase or refinance of your chosen property as partners. Al Rayan Bank agrees to sell its share of the property to you over a period of time, known as the finance term. Al Rayan Bank also leases its share of f Your monthly payments will remain the property to you, for which you pay constant throughout the term of the a monthly rent. Therefore, your monthly finance (subject to rent reviews), although the rental element will decrease whilst the payment consists of two elements: acquisition payment element increases. an acquisition payment, which is the f payment you make to acquire Al Rayan Rent is reviewed quarterly in March, June, September and December each year. Bank’s share in the property; and a rental payment which is the charge for renting The rent rate may increase, decrease or stay Al Rayan Bank’s share in the property. the same at each rent review. Once you have fully acquired Al Rayan Bank’s share in the property, your monthly payments cease and full ownership of the property transfers to you. alrayanbank.co.uk 4 f You can make additional acquisition f At any time, including during a fixed rental payments in the month of each rent rate period, it is possible to settle the review, which can be used to either finance amount in full, without any penalty reduce your finance term, or reduce (subject to a small administration fee). your monthly payments. f Additional acquisition payments are subject to a minimum amount of £4,000 and incur a small administration fee of £25. For a full list of the different fees that Additional acquisition payments are not apply, please refer to the HPP Tariff List. permitted on a fixed rental rate product during the fixed period. 5 Agreements To complete your application, Al Rayan Bank will enter into a number of agreements with you. The agreements will be sent to your solicitor along with their copy of the offer letter. You will also receive the offer letter which will contain Al Rayan Bank’s offer of finance and the Home Purchase Plan Schedule, which specifies the details of the offer such as the finance amount, the finance term and the rental rate. Co-ownership Agreement Service Agency Agreement This is a partnership agreement in which With a HPP, Al Rayan Bank appoints you as a Al Rayan Bank agrees to sell its share of the Service Agent, responsible for the maintenance property to you over the finance term. of the property and ensuring that the property is covered by appropriate buildings insurance. The price that Al Rayan Bank sells its share to you is the same as the level of financial If the bank were responsible for carrying contribution Al Rayan Bank makes. out maintenance and ensuring that suitable buildings insurance were in place, the rental If the value of the property increases over the rate charged would need to be higher. term of the finance, the price at which you purchase Al Rayan Bank’s share remains the same, and therefore only you will benefit from Legal Charge any increase in the value of the property. This document grants Al Rayan Bank a first priority legal charge, and therefore, offers Leasing Agreement Al Rayan Bank security for your payment obligations under the Co-ownership and This is the agreement in which Al Rayan Bank Leasing Agreements. agrees to lease its share of the property to you, and in return you agree to pay Al Rayan Bank a monthly rent. Notice to Insure The rent you pay is based on Al Rayan Bank’s This document outlines the requirements for share in the property, as detailed in the the buildings insurance that you will have to Co-ownership Agreement. obtain under the Service Agency Agreement. alrayanbank.co.uk 6 Key points to note With a Home Purchase Plan from Al Rayan Bank you: f Pay no interest f Purchase or refinance your chosen property as a partner with Al Rayan Bank f Make monthly rent and acquisition payments to Al Rayan Bank f Are able to make additional acquisition payments to reduce either your finance term or monthly payments (subject to a small administration fee) f Choose from a range of products to find the right HPP for you f Have legal ownership of the property transferred to you following settlement of the finance f Can sell the property at any time, even in a fixed rental rate period, and if the value of the property increases, only you will benefit from it Properties that qualify: f Freehold domestic residential properties in England and Wales f Leasehold domestic and residential properties in England and Wales, with an unexpired term of at least 50 years plus the term of financing For a full list of the different fees that apply, please refer to the HPP Tariff List. 7 Key stages of an application Obtain an Make an Valuation agreement in application Al Rayan Bank needs to principle (AIP) You can make an check that the property f An AIP confirms your application online, over is suitable security for basic eligibility for the the phone or in a branch. the finance amount Home Purchase Plan. You will need to send us requested. original documents f Gives you an indication such as payslips and There are various types of of how much the bank statements. surveys available, which monthly HPP payments vary in how detailed might be. As part of the application, they are and the price we will carry out a charged. For details, f Provides you with credit check with Credit please refer to the HPP the key details of the Reference Agencies. Tariff List. services offered by Al Rayan Bank, and Following your credit the features of check, Al Rayan Bank will Al Rayan Bank’s HPP instruct your valuation. products. You should note that You can obtain an AIP whilst you may pass online, over the phone the credit check, if the or by visiting a branch. documentation you An AIP lasts for 90 days. submit does not support the details contained in your application, following the full assessment by Al Rayan Bank’s Underwriting team, you may still be declined for Al Rayan Bank’s HPP product. In this case you may lose the valuation fee that you have paid. alrayanbank.co.uk 8 Underwriting Issuing the Conveyancing Once we have received documentation Conveyancing is the the documents that we Once we are happy process of transferring the have requested, your with your application title of the property from application will be passed and the valuation, and one person to another. to our Underwriting team assuming there is nothing Your solicitor will conduct for a full assessment. untoward, we will send searches on the property you an offer pack. and request the title deeds. A copy of the offer You will need to give pack is also sent to an indication to you your solicitor. The offer solicitor of your preferred document must be completion date. signed and returned to You should keep in Al Rayan Bank within touch with your solicitor thirty (30) days. throughout to make sure The offer will expire in that things are moving four (4) months from the along smoothly. date of the offer. If the completion doesn’t take place in this time, we will need to confirm that your circumstances remain the same. This may mean that you will have to complete a new application and provide up to date documentation such as payslips & bank statements. Please therefore ensure that you fully understand the content of the documents we send you before you sign the offer. 9 Completion The property will be purchased on a date pre-arranged with your solicitor. You should ensure that you have passed any deposit monies and fees payable to your solicitor to avoid any unnecessary delays. You will also need to ensure that appropriate buildings insurance is in place in time for completion. Confirmation of your payments Once the property has completed, Al Rayan Bank will send you a letter confirming your first and subsequent monthly HPP payments. The first payment may differ from the rest of the payments. This is because the number of days between completion and your first payment may be more or less than the usual one month period. This booklet is designed to provide you with an overview of Al Rayan Bank’s Sharia compliant HPP. In the event of any conflict between the contents of this booklet and the legal documents, the legal documents shall prevail. If you have any doubts or if there is anything that you do not understand, you should consider taking independent legal advice. alrayanbank.co.uk 10 Buildings insurance All finance providers require you to take out a buildings insurance policy to cover the property in the event of incidences.
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