Rscnewhomes.com Review

Based on checking the website, rscnewhomes.com operates as a mortgage and insurance advisory service primarily focused on new build properties in the UK.

Read more about rscnewhomes.com:
rscnewhomes.com Review & First Look
rscnewhomes.com Cons
Is rscnewhomes.com Legit?
rscnewhomes.com Alternatives
rscnewhomes.com Pricing
Does rscnewhomes.com Work?
Is rscnewhomes.com a Scam?
rscnewhomes.com vs. Islamic Home Financing Providers
rscnewhomes.com FAQ

While the site presents itself as a professional entity offering financial guidance, the core services it provides—mortgages and conventional insurance—involve aspects that are generally not permissible in Islam, particularly due to the presence of interest riba in mortgage products and the inherent uncertainty gharar and potential for interest in conventional insurance.

Therefore, from an ethical standpoint, rscnewhomes.com is not recommended for those seeking Sharia-compliant financial solutions.

Engaging in interest-based transactions is a grave matter in Islamic finance, and alternatives that adhere to ethical principles are always preferable for Muslims.

Here’s an overall review summary of rscnewhomes.com:

• Service Focus: New build mortgages, remortgages, buy-to-let mortgages, mortgage protection, and associated insurances.
• Geographic Focus: Primarily targets consumers based in the UK.
• Operating Hours: Open seven days a week for appointments, with specific hours for Mortgage Desk and Administration.
• Experience Claim: Over 10 years’ experience, UK’s leading New Homes Mortgage Specialists.
• Fee Structure: May waive fees if arranging a mortgage from associated new homes developers. otherwise, a typical fee of £395 is mentioned, payable on application, in addition to commission from the lender.
• Regulatory Status: RSC New Homes Ltd is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Limited, which is authorised and regulated by the Financial Conduct Authority FCA.
• Islamic Ethical Compliance: Not permissible. The fundamental nature of interest-based mortgages and conventional insurance contracts conflicts with Islamic financial principles Riba and Gharar.

The website emphasizes its ability to simplify the mortgage process, offering access to “thousands of mortgage schemes,” many exclusive to new build properties.

They highlight convenience with telephone and face-to-face appointments and “speedy processing.” While these features might appeal to a conventional audience looking for efficiency in securing a home loan, they do not address the underlying ethical concerns for a Muslim consumer.

The warnings such as “Your home may be repossessed if you do not keep up repayments on your mortgage” explicitly point to the debt-based, interest-laden structure that is problematic in Islam. rscnewhomes.com FAQ

For Muslims, the pursuit of homeownership should align with Sharia principles, which strictly prohibit interest riba. Riba is seen as an exploitative practice that creates injustice and inequity.

Similarly, conventional insurance, with its elements of uncertainty, gambling, and potential for interest, is generally avoided.

The focus should be on building wealth and acquiring assets through permissible means, which fosters a sense of security and blessings in one’s life.

Relying on such services, even if convenient, ultimately carries a spiritual cost that far outweighs any perceived financial benefit.

It’s akin to seeking an easy route that leads to a difficult outcome in the long run.

Therefore, it is strongly advised to seek out Sharia-compliant alternatives for home financing and protection, which are designed to avoid these forbidden elements and uphold ethical conduct.

Here are some ethical alternatives for home financing and protection:

• Guidance Residential

  • Key Features: Offers Sharia-compliant home financing based on the co-ownership Musharaka model, where the institution and the homeowner co-own the property, and the homeowner buys out the institution’s share over time. There is no interest charged.
  • Price: Varies based on property value and financing structure, often involves a profit rate instead of an interest rate.
  • Pros: Fully Sharia-compliant, avoids riba, promotes ethical homeownership.
  • Cons: Availability may be limited to certain regions or states, processes can be more detailed than conventional mortgages.

• Ijara Community Development

  • Key Features: Provides Islamic home financing through the Ijara leasing model, where the institution buys the property and leases it to the client, with payments counting towards eventual ownership.
  • Price: Payments are structured as rent with a portion allocated to equity accumulation.
  • Pros: Sharia-compliant, transparent terms, avoids interest.
  • Cons: May require more upfront research and understanding, less widespread than conventional options.

• La Riba Bank rscnewhomes.com vs. Islamic Home Financing Providers

  • Key Features: Focuses on ethical, interest-free financial products, including home financing based on Murabaha cost-plus financing or Musharaka.
  • Price: Pricing is based on a fixed profit margin rather than fluctuating interest.
  • Pros: Dedicated to Islamic finance, comprehensive range of services.
  • Cons: Smaller institution, may have specific geographic limitations or eligibility criteria.

• Amana Mutual Funds

  • Key Features: While not a direct home financing provider, Amana offers Sharia-compliant investment funds that can be used to save for a home purchase ethically. This promotes self-financing or saving towards a larger down payment to reduce reliance on external financing.
  • Price: Management fees apply to funds, not a direct home price.
  • Pros: Ethical investing, helps build wealth permissibly for future homeownership, broad range of investment options.
  • Cons: Not a direct mortgage alternative, requires discipline in saving.

• Wahed Invest

  • Key Features: Offers Sharia-compliant investment portfolios, including real estate funds or general investment options that can be utilized to save for a home without engaging in riba.
  • Price: Charges a management fee based on assets under management.
  • Pros: Globally accessible, easy-to-use platform, diversified ethical investments.
  • Cons: Primarily an investment platform, not a direct home financing provider.

• Takaful Emarat

  • Key Features: While based in the UAE, Takaful Emarat offers Sharia-compliant cooperative insurance Takaful, which is a permissible alternative to conventional insurance. Takaful operates on principles of mutual assistance and shared responsibility among participants.
  • Price: Contributions premiums are paid into a common fund, from which claims are paid.
  • Pros: Fully Sharia-compliant, promotes solidarity and mutual support.
  • Cons: Availability outside of the UAE may be limited, but the concept can be sought from local providers.

• American Takaful

  • Key Features: Offers Takaful products in the US, providing Sharia-compliant alternatives for life insurance and other protection needs, aligning with Islamic principles by avoiding interest and uncertainty.
  • Price: Contributions are paid to a risk-sharing fund.
  • Pros: Sharia-compliant insurance option available in the US, ethical protection.
  • Cons: Product range might be narrower than conventional insurance, still a developing market.

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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.