twice. Many other jurisdictions have similar transaction taxes on change of ownership which may be levied. In the United Kingdom, the dual application of Stamp Duty in such transactions was removed in the Finance Act 2003 in order to facilitate Islamic mortgages. [15] An alternative scheme involves the bank reselling the property according to an installment plan, ata price higher than the original price. Both of these pensate the lender as if they were charging interest, but the loans are structured ina way that in name they are not, and the lender shares the financial risks involved in the transaction with the homebuyer. Mortgage insurance Mortgage insurance is an insurance policy designed to protect the mortgagee (lender) from any default by the mortgagor (borrower). It is monly in loans
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