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StrideUp opens proposition to brokers

  • 02/12/2022
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StrideUp opens proposition to brokers
Home finance start-up StrideUp has opened up its proposition to brokers, with two, five and 10-year fixed rate options available.

The intermediary sales function is headed up by Jon Sturgess (pictured), who was formerly head of sales at Masthaven Bank and also held senior roles at GE Money and Firstplus Financial.

The firm launched earlier this year and secured a £280m in funding deal and partnership with real estate debt investment manager ARA Venn.

StrideUp focuses on three main areas: growing finance amounts through a shared ownership product, a technology portal to streamline the application process and “ethical and inclusive home financing” to cater for a diverse population.

The lender offers two, five and 10-year fixed rate products as well as two-year discounted tracker product starting at 5.99 per cent.

Finance is offered for both purchase and refinance and the opening of the intermediary channel coincides with a cut in rates.

The company’s shared ownership model is similar to a first charge, with a top-up equity sharing loan allowing customers to access up to six and a half times income when they met eligibility criteria.

The lender said that the opening of the intermediary channel was particularly poignant as Help to Buy closed at the end of October.

Brokers can register their interest on its intermediary page and distribution agreements are due to be announced in the coming weeks.

Sturgess said: “I’m excited to bring a proposition to market in an area where consumers, especially first-time buyers, are finding it harder and harder to get on the property ladder. The Help to Buy scheme has been great but its conclusion means it will be even more difficult for many people to buy their first home.

“Our unique model which allows up to 6.5x LTI (where affordable) combined with more achievable deposit amounts mean we are able to offer customers the opportunity to move out of the rental market into the home they have always wanted. With our flexible approach and innovative product range StrideUp can help fix that.”

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