Home purchase plan provider StrideUp has been added to the PMS Mortgage Club lending panel.
The development provides PMS Mortgage Club members with access to StrideUp’s residential product range of flexible Home Purchase Plans (HPP), which allows up to 85% LTV and 6x income multiples at rates starting from 6.49%.
The StrideUp suite of home finance solutions have been specifically designed to support people from diverse backgrounds with their homeownership aspirations, especially those left behind by mainstream lenders. It does not base its decisions on credit-scores, meaning that each application is assessed on its own merit and its choice of products consists of 2, 5 & 10-year fixed rate options.
A Home Purchase Plan is an alternative to traditional mortgage financing for individuals, who want to purchase or refinance a home whilst adhering to religious principles.
Intermediaries who have FCA 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, chief executive officer and co-founder at StrideUp, said: “As a financial provider, we are constantly and carefully evaluating the most effective ways to help potential homeowners looking for a flexible home finance solution but who continue to sit beyond some mainstream lending parameters.”
“PMS Mortgage Club is one of the foremost names in the intermediary market and we are looking forward to working closely with the team to widen access to ethical and Shariah-compliant finance options and provide solutions that could empower a new generation of homeowners.”
Stephanie Charman (pictured), strategic relationships director at PMS Mortgage Club, added: “We are pleased to be partnering with StrideUp at a time when demand for Shariah-compliant products continues to grow in the UK. StrideUp’s competitive range of home finance solutions, combined with its flexible underwriting approach and enhanced affordability criteria, makes this another welcome addition to the comprehensive range of options available to PMS members and their clients.”