Home finance provider reduces rates by 80 basis points
Shariah-compliant home finance provider StrideUp has announced significant rate cuts across its fixed rate products, implementing a reduction of 80 basis points on its two-, five-, and 10-year deals.
For those opting for a 10-year fixed rate, the firm now provides options starting from 5.49%. Meanwhile, both the two- and five-year fixed rates begin at 5.99%.
The StrideUp product range extends up to 85% finance-to-value, requiring a minimum deposit of 15% from customers.
StrideUp caters to individuals adhering to the Islamic faith, which prohibits the payment or receipt of interest. Through a home purchase plan, it supports these individuals in becoming homeowners without compromising their values.
It also provides services to a range of customers often overlooked by conventional high street lenders, including foreign nationals with a 15% deposit and only one year remaining on their visa, individuals receiving support from family or friends through gifted deposits, self-employed applicants, and contractors.
“Following the positive feedback from brokers on last month’s rate reductions, it has been possible to reduce rates significantly very early in 2024,” Sakeeb Zaman (pictured), CEO at StrideUp, stated, “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. We hope that more and more brokers will seek to offer our Shariah-compliant and flexible home finance offering to their customers.”
Intermediaries holding FCA home purchase plan (HPP) permissions can directly advise and submit business to StrideUp. Those without HPP authorization can refer customers to StrideUp, which provides advice directly. A procuration fee is offered for all completed cases, irrespective of whether the intermediary advises or refers the customer.
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