Class Leading service
If you're new to Sharia Compliant Mortgages, let's talk about how the finance works and the costs involved. Or if you're a seasoned professional, this is how we do it, at IHF.
1
📝 Eligibility Assessment
Confirming that you meet the basic requirements for a Home Purchase Plan. This includes details such as your age, net monthly income, and financial commitments. Assuming you meet the requirements, you can obtain an Agreement in Principle.
2
📄 Document Assessment
We'll go through your documents to ensure they meet the bank's requirements and fulfils our due diligence obligations.
3
🔍 Fact Find and Product Selection
We'll learn about your unique circumstances and aims in undertaking a Home Purchase Plan, Buy to Let, Bridging or Commercial purchase or refinance. Once complete, our advisers will make a recommendation.
4
👨⚖️ Choose a Solicitor
You may select your own solicitor, but we recommend choosing a firm on the bank's panel for a smoother process. We can provide you with details and recommended solicitors. It's important to remember that not all solicitors deal with or have experience in Sharia Compliant legal work.
5
💰 Initial Invoice
At this point, you'll pay our initial application fee. This is for the work completed to date and the submission of your application.
6
📑 Application and Packaging
We'll prepare your application and submit it to the bank on your behalf. We may request extra documentation at this stage because the bank may request extra documents to support an application. We'll advise you of the timescales for underwriting.
7
🏠 Underwriting/Valuation
All finance providers require a suitable valuation to be carried out. Some banks will request a valuation at the start, while others will do it when the case is in underwriting.
8
📩 Offer Letter
Once the bank underwrites your case, assuming nothing untoward, they'll send you an offer pack and a copy of your valuation report. At this stage, we'll ask you to pay the remaining of our broker fee as our work is now complete in getting you your finance offer.
9
👥 Conveyancing
Your solicitor will communicate with both the vendor's solicitor and the bank's solicitors. We'll keep in regular contact with solicitors to mitigate any potential issues and ensure the mortgage is progressed until completion.
10
✅ Completion
Once all legal and insurance requirements are satisfied, the bank will release the funds to your solicitor to complete the matter.
Document Requirements
ID
-
Valid passport or driving licence
Address Proof
Acceptable documents would be:
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Original or certified copies of Government Issued ID Card,
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Driving licence (if not used for ID),
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recent utility bill (dated within the last 3 months),
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Bank/Building Society
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Mortgage statement,
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Latest year Council Tax bill,
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Inland Revenue correspondence or a letter from a known bank or lawyer.
Get in Touch
Telephone: 020 3962 5000
Email: info@tibfinancehub.com