StrideUp has reduced rates across its 2-year, 5-year and 10-year fixed rate mortgage products by as much as 0.80%.
Its 10-year fixed rates start from 5.49%, and both its 2-year and 5-year fixed rates now start from 5.99%.
The StrideUp range is available up to 85% loan-to-value (LTV), requiring a minimum 15% deposit from the customer.
StrideUp focuses on Muslim borrowers whose faith requires them to avoid paying or receiving interest.
Through its home purchase plan product, StrideUp gives these individuals a way to become homeowners without compromising on their values.
The product was designed to be fair and inclusive for all customers, including those outside the Muslim faith.
StrideUp serves foreign nationals with a 15% deposit and just one year remaining on their visa, customers being supported by family and friends with gifted deposits, and accepts last years’ income for self-employed applicants.
Intermediaries who have Financial Conduct Authority (FCA) home purchase plan (HPP) permissions can advise and submit business directly to StrideUp; for those intermediaries who are not HPP authorised, the customer can be referred to StrideUp for advice.
A procuration fee is paid for all completed cases whether the intermediary advises or refers the customer.
Sakeeb Zaman (pictured), CEO at StrideUp, 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 four 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.”
