"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 - StrideUp
10-year fixed rates start from 5.49%. Both its 2- and 5-year fixed rates now start from 5.99%. The StrideUp range is available up to 85% Finance to Value, requiring a minimum 15% deposit from the customer.
StrideUp focuses on Muslims 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 is designed to be fair and inclusive for all customers and equally attracts non-Muslims.
Intermediaries who have FCA home purchase plan (HPP) permissions can advise and submit business directly to StrideUp, however for those intermediaries who are not HPP authorised, the customer can be referred to StrideUp who will provide the advice to the customer. A procuration fee is paid for all completed cases whether the intermediary advises or refers the customer.
Sakeeb Zaman, (pictured) CEO at StrideUp, commented: “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 4 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.”
