Torc24.co.uk Review

Based on looking at the website, Torc24.co.uk presents itself as a specialist mortgage advisory service primarily focused on new build homes in the UK. While the site aims to simplify the complex process of securing a mortgage, a critical review from an ethical standpoint, particularly concerning Islamic principles, reveals significant areas of concern. The core service offered—mortgage brokering—involves transactions that are almost universally structured around interest (riba), which is strictly forbidden in Islam. This fundamental conflict means that while the website might appear professional and well-intentioned, its primary offering is not permissible for a Muslim to engage with. The website highlights its extensive access to “over 15,000 mortgage products” and claims to find “the right mortgage for you,” but it does not offer any information or pathways for Sharia-compliant financing options. This omission is a major red flag for any Muslim seeking ethical financial solutions. The site’s emphasis on convenience, availability seven days a week, and a dedicated support team are positive operational aspects, but they do not mitigate the underlying issue of interest-based dealings. Furthermore, the website mentions being part of The New Homes Group and regulated by the Financial Conduct Authority (FCA) through Connells Limited, which provides a degree of credibility in the conventional financial landscape. However, regulatory compliance with secular financial authorities does not equate to adherence to Islamic financial ethics. The site explicitly states that “Most buy-to-let mortgages are not regulated,” which, while a factual statement about the UK regulatory landscape, adds another layer of complexity and potential risk in conventional terms, let alone Islamic ones. The presence of clear legal, privacy, and complaints procedures is standard and commendable for transparency, but again, these are conventional safeguards that do not address the Islamic prohibition on interest. In essence, Torc24.co.uk is a conventional mortgage broker that facilitates interest-based transactions, making its services impermissible for a Muslim.

Read more about torc24.co.uk:
Torc24.co.uk Review & First Look
Is Torc24.co.uk Legit?
Torc24.co.uk Pros & Cons
Torc24.co.uk Alternatives
Does Torc24.co.uk Work?
Is Torc24.co.uk a Scam?
How to Cancel Torc24.co.uk Subscription / Services
Torc24.co.uk Pricing
Torc24.co.uk vs. Islamic Mortgage Providers
torc24.co.uk FAQ

Overall Review Summary:

• Service Offered: Mortgage advisory and brokering for new and second-hand properties, including buy-to-let.
• Key Ethical Concern (Islam): Primary service revolves around interest-based mortgages (riba), which is strictly prohibited.
• Transparency: Good; company registration details, FCA regulation details, and contact information are readily available.
• Accessibility: High; available 7 days a week via email, phone, and WhatsApp.
• User Experience: Website is clean, professional, and easy to navigate.
• Sharia Compliance: None explicitly mentioned or offered.
• Recommendation for Muslims: Not recommended due to reliance on interest-based financial products.
• Alternatives: Essential to seek out genuine Islamic finance institutions or halal investment strategies.

The website boasts “over 30 years of trading,” which implies a deep level of experience and established relationships with lenders and housebuilders. They act as a “single point of contact” between the client, housebuilder, and lender, which can indeed streamline a often-stressful process. The claim of having “strong relationships with lenders and housebuilders” is a practical benefit in the conventional market, potentially leading to smoother transactions and access to a wider array of standard mortgage products. They also emphasize their “5-star rated service,” suggesting a focus on customer satisfaction, which is generally a positive attribute. However, the foundational issue remains: these services are predicated on interest-based borrowing and lending. torc24.co.uk FAQ

In the context of Islamic finance, a mortgage fundamentally involves a loan where the borrower pays back more than the principal amount borrowed, this excess being interest. Riba is explicitly condemned in the Quran and Sunnah, with severe warnings against those who engage in it. Islamic finance offers alternative models such as Murabaha (cost-plus financing), Ijara (leasing), and Musharakah Mutanaqisah (diminishing partnership), which are designed to facilitate home ownership without involving interest. These models are based on real asset transactions, risk-sharing, and ethical investment. Torc24.co.uk, by focusing exclusively on conventional mortgage products, does not align with these permissible alternatives. Therefore, despite any perceived convenience or professional service, the underlying financial mechanism renders their offerings problematic from an Islamic perspective. The website does not provide any disclaimers or information about Sharia-compliant options, further indicating that their target audience and service model are purely conventional. For a Muslim, engaging with such a service would mean directly participating in a riba-based transaction, which is unequivocally prohibited. It is crucial for Muslims to prioritize adherence to religious principles over convenience or perceived financial benefits when such conflicts arise. The long-term spiritual and ethical implications of engaging in interest are far more significant than any short-term ease provided by a conventional mortgage broker.

Best Alternatives List (Ethical and Non-Edible):

1. Al Rayan Bank

   • Key Features: UK’s oldest and largest Sharia-compliant retail bank, offering a range of Islamic finance products including Home Purchase Plans (Murabaha and Ijara). Regulated by the PRA and FCA.
   • Average Price/Fee: Competitive rates and fees structured without interest. For a Home Purchase Plan, this would typically involve a profit rate over the term, not an interest rate.
   • Pros: Fully Sharia-compliant, established reputation in the UK, dedicated to ethical finance.
   • Cons: Product range might be narrower than conventional banks, approval processes can sometimes be perceived as longer due to unique Sharia contracts.

2. Gatehouse Bank

   • Key Features: Another prominent Islamic bank in the UK, offering Sharia-compliant home finance products (Ijara and Murabaha), commercial property finance, and savings accounts.
   • Average Price/Fee: Profit rates for home finance are transparent and designed to be competitive with conventional mortgages without involving interest.
   • Pros: Strong commitment to Islamic principles, innovative financial solutions, regulated in the UK.
   • Cons: Similar to Al Rayan Bank, fewer physical branches compared to mainstream banks, specific eligibility criteria for Sharia-compliant products.

3. UBL UK Torc24.co.uk vs. Islamic Mortgage Providers

   • Key Features: Offers Sharia-compliant banking services, including home finance solutions (Ijara and Murabaha). Part of the larger United Bank Limited network.
   • Average Price/Fee: Profit rates are competitive, often fluctuating with the market but always structured to be Sharia-compliant.
   • Pros: Part of an international banking group, offers both personal and business Islamic banking.
   • Cons: May have a smaller profile within the UK compared to others, specific product availability can vary.

4. Ethical Investment Funds (e.g., Wahed Invest)

   • Key Features: While not a mortgage provider, Wahed Invest is a global Sharia-compliant digital investment platform. For those looking to save ethically for a deposit or long-term financial goals without debt.
   • Average Price/Fee: Low management fees, typically a percentage of assets under management (e.g., 0.99% for smaller portfolios, decreasing for larger ones).
   • Pros: Fully Sharia-compliant portfolios, accessible for various investment sizes, convenient digital platform.
   • Cons: Investment involves risk (capital is at risk), not a direct solution for immediate home purchase, requires long-term planning.

5. Responsible Finance (Community Development Finance Institutions)

   • Key Features: A network of Community Development Finance Institutions (CDFIs) across the UK. While not exclusively Islamic, many CDFIs offer ethical lending for small businesses and individuals, often focusing on social impact and avoiding predatory interest practices, which can align more closely with Islamic finance principles of fairness and social responsibility. They provide alternative funding when conventional banks fail.
   • Average Price/Fee: Varies by institution and loan type, but generally focuses on fair and affordable terms.
   • Pros: Focus on social good, supports local communities, more flexible than traditional lenders for certain groups.
   • Cons: Not explicitly Sharia-compliant, funding is often for specific purposes (e.g., business loans, social housing), and not directly for home purchase in the same way as a mortgage.

6. Islamic Finance Council UK (IFC) (Information Resource)

   • Key Features: Not a product, but a leading advisory and promotional body for Islamic finance in the UK. Provides valuable information, research, and connections to Sharia-compliant financial institutions.
   • Average Price/Fee: Free access to information and resources.
   • Pros: Authoritative source for understanding Islamic finance in the UK, helps users find legitimate providers.
   • Cons: Not a direct service provider, purely an informational body.

7. Books on Islamic Finance

   

   Torc24.co.uk Pricing
   • Key Features: For individuals looking to deeply understand the principles and applications of Islamic finance, a good book can be an invaluable resource. This empowers individuals to make informed choices.
   • Average Price/Fee: Varies by book, typically £15-£40.
   • Pros: Comprehensive knowledge, enables informed decision-making, promotes self-reliance in understanding ethical finance.
   • Cons: Not a direct financial service, requires time and effort to study.

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IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

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