Who certifies Gradual Homeownership as Shariah compliant?
Gradual Homeownership is certified as Shariah compliant by Amanah Advisors and The Islamic Council of Europe.
Unmortgage Ltd (registered in England and Wales, Company No. 10395239) and its subsidiaries comprise the Unmortgage Group. Our registered office is at 9 Appold St, London, EC2A 2AP.
Wayhome is a trading name of the Unmortgage Group.
Unmortgage Arrangers Ltd, a subsidiary of Unmortgage Ltd (registered in England and Wales, Company No. 11842567), is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 838366) for arranging and administering insurance policies only and is also registered as an EMD Agent of Modulr FS Limited (Firm Reference Number 902968). Modulr FS Limited is Authorised and Regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573). Your money is held in a segregated and safeguarded account under e-money regulation.
No other aspect of the Unmortgage Group’s business falls within the scope of financial services regulation. This means you do not have any of the protections under the FCA rules and do not have any cover from the Financial Ombudsman Scheme or the Financial Services Compensation Scheme in relation to your interest in an LLP. Customers should ensure they understand what this means before they use the Wayhome product.
For full details relating to our regulatory position please see our Regulatory Information Page.
Wayhome Property Management Ltd, a subsidiary of Unmortgage Ltd, is a member of The Property Redress Scheme (membership number PRS025713), which covers activities in relation to the purchase of the home, the setting up and management of tenancy and the management of maintenance of the home.
Wayhome Nominees Ltd (registered in England and Wales, Company No. 13085562) is a subsidiary of Unmortgage Ltd.
* 'we' 'us' and 'our' refer to Wayhome and/or their funding partners
1
You buy the bit you can afford.
We pay for the rest.
2
The house is paid for in full.
So you don’t need a mortgage.
3
You own the bit you bought.
You pay rent for the rest.
4
The home is yours to make your own.
Nobody can ask you to leave.
5
Buy more each month or in lump sums.
The more you buy, the less rent you pay.
This means there's joint ownership in an asset (in this case, a home). As our customer you can buy more of the home from us* at any time. As you do this, you increase the amount of the home you own.
For the part of the home you don't own yet, you pay rent to us. When you buy more of the home, we decrease how much you pay us in rent.
As a Wayhome customer, you buy a home alongside us in partnership. When you buy more of your home from us, you're buying more of the partnership. This increases the amount of the home you own.
If there's any update or change to the product, it must be reviewed and certified by Amanah Advisors and The Islamic Council of Europe before it's introduced.
To protect Wayhome's interests in all of the homes we buy with our customers, we* get an insurance policy that covers each of them.
As we're the ones getting the insurance, we pay the premiums to the insurer. This means you don't pay for the insurance directly and you're not named as the policy holder. Instead, you pay an amount to us each month, which reimburses us for the cost of the insurance over time.
This payment (which we call Home Support Costs) is collected monthly alongside your rent. As an example, if your rent is £1,000 per month and your Home Support Costs are £4.50 per month, you pay £1,004.50 each month to us.
Wayhome doesn't make you get any insurance for the contents of your home or any other insurances you may need. However, we'd recommend considering available options that align with your beliefs, like Islamic Insurance (Takaful).
Gradual Homeownership | Islamic Mortgages | |
---|---|---|
No mortgage | ||
You only need a 5% deposit | ||
Only pay for your share of the buying costs | ||
Rent is based on local rental market | ||
Buy more of your home whenever you want to, from as little as £50 | ||
No fees charged | ||
There’s no ‘rental rate’ | ||
Only pay for your share of the selling costs |
As seen on
Our Shariah compliance certification