StrideUp reduces rates by up to 80bps and introduces major criteria enhancements
13 November 2023
StrideUp has reduced its rates on both 2- & 5-year fixed rates by 80bps on 2-year and 55bps on 5-year up to 80% finance to value. Rates are now 6.69% & 7.24% respectively. The home finance provider has also made major criteria enhancements to its residential proposition, making it even more attractive to brokers and inclusive for their clients.
StrideUp is an innovative new provider focusing on those 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, StrideUp now accepts foreign nationals without permanent rights to reside up to 85% LTV as long as they have 1 year left on their visa – a significant step in the mortgage market supporting the hundreds of thousands of foreign workers in our NHS and other key services.
In addition, they now use the most recent year’s income for self-employed customers, helping to maximise affordability for aspirational homeowners with growing incomes.
The provider has also lifted the cap on its maximum property value, increased its maximum financing size to £1m up to 80% LTV and £750k up to 85% LTV, and can accept Grade 2 listed properties.
Supporting these new enhanced criteria, 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.
The StrideUp suite of residential solutions has been specifically designed to support people from diverse backgrounds with homeownership aspirations, especially those left behind by mainstream lenders.
StrideUp adopts a pragmatic approach to underwriting and does not base its decisions on credit-scores, meaning that each application is assessed on its own merit and its choice of products consists of 2-, 5- & 10-year fixed rate options. Its product is structured as a home purchase plan – an inclusive form of home financing that makes it suitable for people of Muslim faith.
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, CEO at StrideUp, commented: “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."
