Terms & Conditions Ijara Cost Calculator Murabaha Cost Calculator Request Application Form Download Forms   Minimum property value £155,000 Minimum finance amount £100,000 Minimum first payment At least 35% of property value. Payment term Murabaha up to 15 years, minimum term 5 years. Ijara up to 25 years, minimum term 8 years. Income Multiples     Murabaha & Ijara Combination of property yield and earned income. However, rental income should exceed Manzil Home Purchase Plan payment costs by at least 15% after all deductions. Fees 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. Buildings insurance Murabaha – cover is required and may be arranged by the client or may be part of AUBUK’s block policy. Ijara – cover is required and will be arranged by AUBUK under its block policy. Other types of insurance Life assurance and other types are not compulsory. Types of property Most types of residential property, including some ex-local authority properties, considered (excluding Right to Buy). The property must be in England & Wales, should be ready to let or require minimal improvements and be wholly used for residential purposes. Multiple lets, i.e. bedsits are not acceptable. The property must be fully self - contained. Leasehold properties must usually have an unexpired term of 40 years plus the payment term. Tenancies Property should be let as a single private dwelling, i.e. to one family, professional person (s) or company let. This must be under an Assured Shorthold Tenancy agreement for a minimum of six months and a maximum of one year. The property should, where possible, be managed professionally. Valuation A valuation of the property addressed to AUBUK is required; all costs are payable by the applicant. Terms & Conditions Full terms will be detailed in our offer letter and Manzil Home Purchase Plan documents. References Satisfactory Bank references and employment details. Three years accounts for the self employed.   YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON YOUR HOME PURCHASE PLAN