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StrideUp eyes first-time buyer affordability woes with shared ownership product

  • 20/06/2022
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StrideUp eyes first-time buyer affordability woes with shared ownership product
Home finance company StrideUp has launched a shared ownership mortgage which offers up to 6.5 times a person’s income to address first-time buyer affordability constraints.

The firm has secured a £280m funding deal and partnership with real estate debt investment manager ARA Venn. 

Borrowers need to provide a 10 per cent deposit to be eligible and it is available across England. 

StrideUp will purchase the property, then allow borrowers to own up to 80 per cent of the property with its shared ownership mortgage and rent the remainder.  

Loan terms are available up to 40 years and rates range from 3.69 per cent to 5.09 per cent depending on loan to value tiers. Mortgage repayments are made on a capital and interest basis. 

Sakeeb Zaman, co-founder and CEO of StrideUp, said: “StrideUp’s mission is to build a more affordable and accessible way for first-time buyers to get on the housing ladder and that has never been more relevant. With surging house prices and constraints on traditional mortgage lending, deposits are often falling short, and at the same time people are spending more on rent and living costs. 

“With this new funding deal, StrideUp is uniquely positioned to offer a genuine alternative. We’re excited to be partnering with investors who share our vision of building a fairer and more accessible housing market.” 

Rohan Trivedi, co-founder of StrideUp, added: “We are excited to bring an innovative, scalable product to market solving a hard real-world problem for an entire generation that is priced out of home ownership. We believe this funding is an early step in making a material dent in the challenges facing first-time buyers realise their aspirations.” 

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