StrideUp, the ethical and Shariah-compliant home finance provider, has reduced rates on its 2, 5 and 10-year products by up to 60bps.
10-year fixed rates start from 6.29%. Both its 2- and 5-year fixed rates now start from 6.79%. The StrideUp range is available up to 85% Finance to Value (FTV), requiring a minimum 15% deposit from the customer.
StrideUp focuses on Muslims whose faith requires them to avoid paying or receiving interest. Through an innovative home purchase plan product, StrideUp gives these individuals a way to become homeowners without compromising on their values. The product is designed to be fair and inclusive for all customers and equally attracts non-Muslims simply due to its features and StrideUp’s flexible approach to underwriting.
StrideUp adopts a pragmatic approach to underwriting and can serve many customers overlooked by traditional high street lenders. This includes serving foreign nationals with just a 15% deposit and just 1 year remaining on their visa, customers being supported by family and friends with gifted deposits, self-employed applicants, and contractors.StrideUp’s suite of residential solutions has been specifically designed to support people from diverse backgrounds with homeownership aspirations, especially those left behind by mainstream lenders.
Intermediaries who have FCA home purchase plan (HPP) permissions can advise and submit business directly to StrideUp, however for those intermediaries who are not HPP authorised, the customer can be referred to StrideUp who will provide the advice to the customer. A procuration fee is paid for all completed cases whether the intermediary advises or refers the customer.
Sakeeb Zaman, CEO at StrideUp, commented: “The UK has close to 4 million Muslims many of whom are excluded from homeownership due to a lack of suitable products. StrideUp offers fresh hope to these customers to finally get out of the rent trap.
“Last month’s rate reductions and criteria enhancements were very well received by our broker partners and so we have made a concerted effort to bring these reduced rates to market as early as possible.
“Since launching with both TMA and PMS recently, we have seen increased interest in our proposition from brokers who are not HPP authorised and with these further rate reductions, we hope that new brokers will seek to offer our Shariah-compliant and flexible home finance offering to more and more customers.”
