StrideUp, the home purchase plan provider, has been added to the PMS Mortgage Club lending panel, extending access to its range of flexible Home Purchase Plans (HPPs) to club members.
Specifically aimed at those underserved by mainstream lenders, the product range permits up to 85% loan-to-value (LTV) and six times income multiples, with interest rates starting at 6.49%.
Unlike traditional mortgage lenders, StrideUp adopts a pragmatic approach to underwriting, relying not on credit scores but on the individual merits of each application. Its suite of products includes 2-, 5-, and 10-year fixed-rate options. For those adhering to religious principles, the company’s Home Purchase Plans offer an alternative to standard mortgage financing.
FCA HPP-authorised intermediaries can directly advise and submit business to StrideUp. Meanwhile, intermediaries lacking such authorisation can refer customers to StrideUp, who will provide the necessary advice. A procuration fee is paid in both scenarios upon case completion.
Sakeeb Zaman, chief executive officer and co-founder at StrideUp, said: “As a financial provider, we are constantly and carefully evaluating the most effective ways to help potential homeowners looking for a flexible home finance solution but who continue to sit beyond some mainstream lending parameters.”
He continued: “PMS Mortgage Club is one of the foremost names in the intermediary market and we are looking forward to working closely with the team to widen access to ethical and Shariah-compliant finance options and provide solutions that could empower a new generation of homeowners.”
Stephanie Charman, strategic relationships director at PMS Mortgage Club, added: “We are pleased to be partnering with StrideUp at a time when demand for Shariah-compliant products continues to grow in the UK.
“StrideUp’s competitive range of home finance solutions, combined with its flexible underwriting approach and enhanced affordability criteria, makes this another welcome addition to the comprehensive range of options available to PMS members and their clients.”
