Products are available up to 85% finance-to-value
Shariah-compliant home finance provider StrideUp has made rate reductions across its two-, five-, and 10-year products, with cuts of up to 60 basis points (bps).
The 10-year fixed rates now start at 6.29%, while the two- and five-year fixed rates start at 6.79%.
The firm’s product range is accessible up to 85% finance-to-value (FTV), with a minimum 15% deposit from customers.
StrideUp primarily caters to individuals of the Muslim faith who adhere to principles discouraging interest payments. 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.
“The UK has close to 4 million Muslims, many of whom are excluded from homeownership due to a lack of suitable products,” said Sakeeb Zaman (pictured), chief executive at StrideUp. “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. 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.”
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