Good morning if I have a current mortgage and change it over to halal option with the remaining amount I have outstanding is that an option I can do if you can give me some more in

Yes – you can refinance your conventional mortgage to a shariah-compliant alternative.

The way it would work is this:

1. You currently your own house with the current mortgage provider having a legal charge on it. You would sell a share of this house to the shariah-compliant provider/bank.

2. What they pay you for their share, will basically go to pay off the current mortgage provider in order for that charge to be removed and property transferred over to the bank with a partnership agreement with provisions in the agreement allowing you to buy their share back at the same price.

3. You agree to rent the banks share back under the lease agreement. You will only pay rent on the banks share.

4. You will also make payments towards acquiring more of the property which means the proportion of rent you pay also reduces each month.

5. You will stop paying rent when you have completed the fill acquisition from the bank.