StrideUp has cut rates on its two, five and 10-year fixed rate products by 80bps.
10-year fixed rates start from 5.49%. Both its two and five-year fixed rates now start from 5.99%.
The StrideUp range is available up to 85% Finance to Value, requiring a minimum 15% deposit from the customer.
StrideUp focuses on Muslims whose faith requires them to avoid paying or receiving interest. Through a 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 says it can serve many customers that may be overlooked by traditional high street lenders. This includes serving foreign nationals with a 15% deposit and one year remaining on their visa, customers being supported by family and friends with gifted deposits, last year’s income accepted for self-employed applicants, and contractors assessed up to daily rate x 5 days x 48 weeks.
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 (pictured), CEO at StrideUp, said: “Following the positive feedback from brokers on last month’s rate reductions, it has been possible to reduce rates significantly very early in 2024. Thus providing fresh hope to close to 4 million Muslims to finally get out of the rent trap, many of whom are excluded from homeownership due to a lack of suitable products.
“Alongside these rate reductions, our criteria are designed to support people from diverse backgrounds with homeownership aspirations, especially those left behind by mainstream lenders and we hope that more and more brokers will seek to offer our Shariah-compliant and flexible home finance offering to their customers.”