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Payment term
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Murabaha up to a maximum of 15 years, minimum term 5 years.
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Ijara up to a maximum of 25 years, minimum term 8 years.
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Income Multiples
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Murabaha
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2½ times primary annual income (sole applicants).
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2½ times the higher income plus 1 times the lower income or 2 times combined income for joint applicants.
Ijara
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3 times primary annual income (sole applicants).
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3 times the higher income plus 1 times the lower income or 2½ times combined income for joint applicants.
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Fees
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- Standard fee of 0.75% of the finance amount.
- Buy to let fee of 1.0% of the finance amount.
- Non-UK Residents fee of 1.25% of the finance amount.
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Buildings insurance
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Murabaha – cover is required and may be arranged by the client or may be part of the bank’s block policy.
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Ijara – cover is required and will be arranged by the bank under its block policy.
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Other types of insurance
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Life assurance and other types are not compulsory.
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Types of property
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Most types of residential property, including some ex-local authority properties, considered (excluding Right to Buy). The property must
be in England & Wales. Minimum lease term; 40 years-unexpired in excess of the payment period.
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Letting
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No tenancies without AUBUK agreement (our consent will not be unreasonably withheld).
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Eligibility
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Suitable for those in permanent employment or the self-employed, and who are able to pay us the purchase
price before the age of 65. Minimum age 18.
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Valuation
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A valuation of the property addressed to AUBUK is required; all costs are payable by the client.
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Terms & Conditions
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Full terms will be detailed in our offer letter and Manzil Home Purchase Plan documents.
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References
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Satisfactory bank references and employment details. Three years accounts for the self employed.
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YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON YOUR HOME PURCHASE PLAN
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