StrideUp has cut its rates on both two and five-year fixed rates by 80bps on two-year and 55bps on five-year up to 80% finance to value. Rates are now 6.69% & 7.24% respectively.
The home finance provider, which focuses on those overlooked by the traditional high street, including foreign nationals, those seeking support from family and friends for deposits, self-employed applicants and contractors, has also made major criteria enhancements to its residential proposition.
StrideUp now accepts foreign nationals without permanent rights to reside up to 85% LTV as long as they have one year left on their visa – a significant step in the mortgage market supporting the hundreds of thousands of foreign workers in the NHS and other key services.
In addition, StrideUp now uses the most recent year’s income for self-employed customers, helping to maximise affordability for aspirational homeowners with growing incomes.
The provider has also lifted the cap on its maximum property value, increased its maximum financing size to £1m up to 80% LTV and £750k up to 85% LTV, and can accept Grade 2 listed properties.
Supporting these new enhanced criteria, StrideUp has streamlined its documentation process, requiring only three months of bank statements, with six months requested only if they are used for declared expenditures.
Sakeeb Zaman (pictured), CEO at StrideUp, said: “At StrideUp, our mission is to help more people achieve their financial and homeownership aspirations, and we are constantly evaluating the most effective steps to further this mission.
“These pricing and criteria changes will make our proposition more accessible to an even greater number of people and help more brokers provide a wider variety of options for those who are underserved by the traditional lenders.”