StrideUp, the ethical and Shariah-compliant home finance provider, has reduced rates on its 2-, 5-, and 10-year products by up to 0.6%.
The new 10-year fixed rates start at 6.29%, with both 2- and 5-year fixed rates beginning at 6.79%.
StrideUp’s product range is available up to 85% finance to value (FTV), requiring a minimum deposit of 15% from the customer.
The company primarily serves Muslims who avoid interest due to their faith, providing a path to homeownership that aligns with their beliefs.
StrideUp’s home purchase plan is designed to be fair and inclusive, attracting non-Muslim customers as well due to its unique features and flexible underwriting.
StrideUp’s practical approach to underwriting enables them to serve a variety of customers often bypassed by traditional lenders.
This includes foreign nationals with a 15% deposit and only 1 year remaining on their visa, those with gifted deposits from family and friends, self-employed individuals, and contractors.
StrideUp aims to assist a diverse array of people in achieving homeownership, especially those neglected by mainstream lenders.
FCA-authorised intermediaries for home purchase plans can advise and directly submit business to StrideUp.
Intermediaries without this authorisation can refer customers to Strideup for advice, with a procuration fee paid for all completed cases.
Sakeeb Zaman, CEO of StrideUp, said: “The UK has close to four million Muslims many of whom are excluded from homeownership due to a lack of suitable products.
“StrideUp offers fresh hope to these customers to finally get out of the rent trap.
“Last month’s rate reductions and criteria enhancements were very well received by our broker partners and so we have made a concerted effort to bring these reduced rates to market as early as possible.
“Since launching with both TMA and PMS recently, we have seen increased interest in our proposition from brokers who are not HPP authorised and with these further rate reductions, we hope that new brokers will seek to offer our Shariah-compliant and flexible home finance offering to more and more customers.”
