Sakeeb Zaman

StrideUp reduces rates by 0.80% on 5-year fixed mortgage products

StrideUp has reduced rates on all 5-year fixed products by 0.80%, now starting at 6.09% for 60% loan-to-value (LTV).

StrideUp focuses on borrowers overlooked by the traditional high street, including foreign nationals, those seeking support from family and friends for deposits, self-employed applicants and contractors.

As part of a raft of changes implemented earlier this year, StrideUp accepts foreign nationals without permanent rights to reside up to 85% LTV as long as they have one year left on their visa.

The firm also now uses the most recent year’s income for self-employed customers, helping to maximise affordability.

StrideUp has streamlined its documentation process, requiring only three months of bank statements, with six months requested only if they are used for declared expenditures.

StrideUp provides 2-year, 5-year and 10-year fixed rate options, structured as home purchase plans (HPPs) – a form of home financing that makes it suitable for people of the Muslim faith due to the absence of any interest payments.

Intermediaries with Financial Conduct Authority (FCA) 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.

A procuration fee is paid for all completed cases whether the intermediary advises or refers the customer.

Sakeeb Zaman (pictured), 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 & 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.”