01 / 05 · The Market · Figures
A rate card from the summer, and how to hold it.
A Q3 2026 snapshot doing the rounds: Offa 4.50, Gatehouse 5.09, Al Rayan 5.14, BLME 5.29, UBL UK 5.35. Useful as a map. Useless as a quote you take to a solicitor.
The Mizan desk · 7 September 2026 · 8 min
On 27 June 2026 an account collated ‘Islamic mortgage rates Q3 2026’ with Offa’s diminishing musharakah at 4.50% and the old names stacked above 5%. If that card was even roughly right, it was the first time in a generation the street had a challenger undercutting the incumbent Islamic banks on the thing buyers actually feel.
A profit rate is not APR, not a Bank Rate, and not a promise. On a musharakah it is the rent on the bank’s share plus the price of units, expressed as a single percentage so a broker can put it in a comparison table that was built for mortgages. The table is a concession to the market. Do not confuse the concession with the contract.
| Provider | Snapshot | Notes |
|---|---|---|
| Offa | 4.50% | Diminishing musharakah on the summer card |
| Gatehouse | 5.09% | HPP; later advertised ~5.5–6% in some threads |
| Al Rayan | 5.14% | Incumbent retail bank |
| BLME | 5.29% | Specialist |
| UBL UK | 5.35% | Specialist |
| StrideUp | from 5.99% | Site snapshot, up to 90% FTV |
What a point is worth
On £300,000 financed over 25 years, a point is not a rounding error. Run the home-finance desk in this guide: the extra paid over the term is the forest-green part of the bar. That is the premium in sterling, which is the only unit a household uses.
Then read eligibility. Offa’s 4.50% is not a rate for a new-build leasehold with cladding, an ex-local-authority flat, or a 5% deposit in a postcode the book will not touch. Al Rayan’s 5.14% may be the rate that actually completes. A screenshot of a Twitter card has never bought a house.
Fees, not just the rate
Product fees, application fees, valuation, solicitor, higher-rate units on early settlement, late-payment ‘admin’: the Islamic book has all of these in some form. Gatehouse’s September 2026 refinance range advertised no product or application fee. That is a distribution event. It is still not free money.