The ethical home provision scheme
With Primary Finance the cost of buying your home is similar to other major providers, but without the burden of debt.
Mass Appeal – You choose the property; we purchase it as partners
No Debt Burden – We will never force you to purchase our share
Flexible & Affordable – Purchase our share whenever you want, and get rewarded!
Secure – If you can’t afford your rent you can pay us in equity instead
out what makes our product so revolutionary
compared to anything else on the market.
Can I apply?
We have a waiting list for finance. Once you sign up we will be in touch when we are ready to consider your application.
Why not grow your savings tax-free while you wait?
See what the industry experts think
“A genuine Islamic partnership.”
“I strongly believe that this…. will be a real contribution to Islamic Finance…and help all of society.”
Sheikh Haitham Al-Haddad
Islamic Council of Europe
“At last! We’ve waited so long in the UK for a mortgage product that genuinely attempts to share risk and give the customer, whether Muslim or non-Muslim, a fair deal.”
CEO, Gateway LLP
“Primary Finance is all about the efficient and effective mobilisation of funds for the benefit of the ordinary person in the Real Economy.“
Managing Director, DVA Consulting
“I’ve worked in the Islamic finance industry for a long time and I’ve rarely seen a product that addresses grassroots issues in the way Primary Finance has managed.”
Chairman, UK Islamic FinTech Panel
“I’m delighted to give my support to the Primary Finance Home Purchase Plan.”
“This carries all of the justice and risk sharing that an Islamic contract should have, in a way which I have not seen in any of the other products currently available.”
Tarek El Diwani
Islamic Finance expert
“One of the great things about Primary Finance is that it’s community-based finance that is going to enable and uplift the community.”
“I would say to all of you to get behind them in any way that you can.”
Islamic Council of Europe
What is the difference between this and an Islamic mortgage?
The key difference is that the Primary Finance Home Provision Scheme is free from the burden of debt as we do not force you to buy our share from us, although you are free to buy it from us if you wish.
Who owns the property?
The property is owned by a special purpose company. This company is owned by you and our other investors. As your share of the company increases so does your ultimate ownership of the property, and your rent is reduced accordingly.
How often is rent reviewed?
We conduct annual rental reviews. If local property prices in your vicinity have increased your rent will increase; if they have decreased your rent will decrease. The maximum increase or decrease is capped according to the terms in your offer letter. When calculating your affordability and providing you with an illustration we will make the assumption that rent increases by the maximum amount each year. In this way you can be confident that, as long as you stick to the recommended monthly payment, you will never pay more than the illustration although you may pay less.
What is the monthly recommended level of equity purchase?
This is the amount of equity you would have to purchase each month to completely purchase our share by the agreed term. For example if we arrange £120k of finance for you over 10 years then it would be £1k per month.
How is rent calculated?
The rent we charge is based on several factors including the local rental market and our own cost of capital. This is firstly scaled down by your equity amount. We will then usually also give you a further rental discount in any month where you purchase the recommended level of equity.
What are the eligibility criteria?
To be eligible for finance you must pass our affordability assessment and not have any history of arrears or CCJs. You must also have a good credit score rating and be resident in the UK.
We’re working hard to bring you the best home finance product on the market. But we need your input to make sure we haven’t missed anything that’s important to you.
Please take our short survey and tell us what you want from our product.