Can someone please outline for me the different types of mortgage and remortage options available? I’ve only been able to find two types.
And looking at the different types of deal on offer, it seems that ijara mortgage is the only one offered in the UK - but i don’t want to give up ownership of my property or pay ‘lease’ plus repayment. In general, murabaha seems to offer better value with retaining of ownership and ability to make capital repayments any time without penalties even though you do have to pay a premium. But I have no idea to how they relate to period of repayment.
I understand the whole idea of these mortgages is to avoid payment of any form of interest at all but overall, in simple monetry value (competitiveness and flexibilty) how do these mortagages compare to conventional flexible, current account or offset type mortgages with interest rates being fairly low at the moment? (I wonder what the ruling is if the total amount you pay for your mortgage works out cheaper with an interest-based mortage, than that with an ‘halaal mortgage’?)