Finova Payment and Mortgage Services has partnered with home finance provider, StrideUp, extending the range of lending products available to finova’s directly authorised (DA) broker club.
Through the addition of StrideUp, finova Payment and Mortgage Service members will have access to a unique Shared Ownership model, giving their clients an alternative option to a conventional mortgage. The digital home finance provider targets first-time buyers looking to get a footing on the housing ladder. It aims to break down the cycle of renting by helping people buy their home with the assistance of up to 20% equity from the lender, and thereafter gradually being able to increase their ownership of the property by purchasing this equity while living in it.
Unlike Shared Ownership schemes, StrideUp doesn’t build homes, meaning that brokers can help their customers pick a home from any property on the open market. However, like Shared Ownership, they own a share of the property, which the borrower can buy back once they are able to afford it. The minimum deposit requirement is 10% of the total property value.
Finova’s Payment and Mortgage Services’ panel is the first mortgage club StrideUp has chosen to partner with. It joins finova’s panel of over 75 lenders offering products from standard mortgages to specialist and niche lending solutions, including residential, buy-to-let, bridging, second charge, commercial and development, equity release and more. For brokers looking to join finova’s network, there are multiple registration routes, from discounted software and quarterly profit share to enhanced profit share.
Melanie Spencer (pictured), head of finova Payment & Mortgage Services, said: “We are delighted to be partnering with StrideUp to give first-time buyers an alternative way to finance their home purchase. With Help to Buy recently ending, providing our club members with exclusive access to StrideUp’s exciting products presents an exciting way to increase the options available to their customers, and will further help brokers to foster meaningful client relationships for the future.”
Jon Sturgess, head of intermediary sales at StrideUp, added: “Helping people get on the property ladder earlier is at the heart of what we do, and we’re delighted to join finova Payment and Mortgage Services’ lender panel to help even more borrowers buy a home that fits both their needs and budget.
“As a digital home finance provider, it’s a pleasure to partner with a tech-first firm like finova, who is equally committed to embracing technology for the benefit of homebuyers across the UK.”
