StrideUp has lowered its rates on both 2-year and 5-year fixed rates by 0.80% and 0.55% respectively, with new rates at 6.69% for 2-year and 7.24% for 5-year fixed rates, applicable up to 80% finance to value.
The home finance provider has also enhanced its lending criteria, aiming to extend its services to a broader range of clients, including those often overlooked by traditional lenders.
Significant among these enhancements is the inclusion of foreign nationals without permanent residency rights, who can now access up to 85% loan to value (LTV) as long as they have a year remaining on their visa. This change is particularly impactful for foreign workers in vital sectors like the NHS.
For self-employed applicants, StrideUp now considers the most recent year’s income, which could improve affordability assessments for those with growing incomes. Additionally, the provider has lifted the cap on maximum property value and increased its maximum financing size to £1m up to 80% LTV and £750k up to 85% LTV, including the acceptance of Grade 2 listed properties.
StrideUp has streamlined its documentation process as well, now requiring only three months of bank statements, with six months needed only for declared expenditures.
Sakeeb Zaman, 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.”
