StrideUp, the Shariah-compliant home finance provider, has reduced rates on its two, five and 10-year products by up to 60bps.
10-year fixed rates start from 6.29%. Both its two and five-year fixed rates now start from 6.79%.
The StrideUp range is available up to 85% Finance to Value (FTV), requiring a minimum 15% deposit from the customer.
StrideUp focuses on Muslims whose faith requires them to avoid paying or receiving interest. 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, which means it can serve 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, self-employed applicants, and contractors.
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: “The UK has close to four million Muslims many of whom are excluded from homeownership due to a lack of suitable products. StrideUp offers fresh hope to these customers to finally get out of the rent trap.
“Last month’s rate reductions and criteria enhancements were very well received by our broker partners and so we have made a concerted effort to bring these reduced rates to market as early as possible.
“Since launching with both TMA and PMS recently, we have seen increased interest in our proposition from brokers who are not HPP authorised and with these further rate reductions, we hope that new brokers will seek to offer our Shariah-compliant and flexible home finance offering to more and more customers.”
