StrideUp, the digital home finance company, has partnered with Connect for Intermediaries to bring its innovative shared-ownership model to Connect’s 300+ nationally based advisers.
As part of the new partnership, Connect for Intermediaries’ advisers will have access to StrideUp’s range of products including its 2-year, 5-year and 10-year fixed rate products as well as a 2-year discounted tracker.
The partnership will also leverage the tech-first approach that both businesses share to help brokers service their clients efficiently.
Jon Sturgess, head of intermediary sales at StrideUp, said: “StrideUp’s innovative product range is a perfect fit for Connect’s large specialist lending panel to find solutions for not only FTB but also customers who aren’t meeting the challenges around affordability.
“It is essential that brokers can find solutions for their clients going forward and we are delighted to be working with Connect.”
StrideUp aims to tackle the first-time-buyer affordability crisis through its innovative Home Purchase Plans that allow buyers access finance up to six and half times income.
The enhanced affordability is achieved by StrideUp contributing up to 20% equity share in the home that buyers can buy back over time.
Recent research puts the typical UK home at over seven times average earnings, the highest on record and at a level that prices many first-time buyers out of the market.
When combined with the cost-of-living crisis, brokers often struggle to find a mortgage product that helps get their clients on the property ladder.
StrideUp aims to roll out a platform in early 2023 that will allow Connect for Intermediaries’ brokers to register, submit and manage their cases online.
Brokers will also benefit from tailored support with each case being reviewed by an underwriter.
Kevin Thomson, sales director at Connect for Intermediaries, added: “There is little doubt that in today’s market of soaring living costs and the challenge of affordability, StrideUp’s innovative home purchase solution to help FTBs get onto the property ladder is a great product to be able to offer.
