StrideUp has reduced rates on its two, five and ten-year fixed rate products by 80 basis points (bps).
The lender’s 10-year fixed rates start from 5.49%. Both its two and five-year fixed rates now start from 5.99%.
Its 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 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 that may be 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, last years’ 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.
StrideUp CEO Sakeeb Zaman 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.”
