StrideUp provides Shariah-compliant finance for properties up to 85 per cent loan to value (LTV) and will lend as much as six times income. Rates begin from 6.49 per cent.
The provider does not assess applicants on their credit scores but underwrites applications on a case-by-case basis. It offers loans with two, five and 10-year fixed rates.
Intermediaries with Financial Conduct Authority (FCA) house purchase plan permissions can advise and submit business to StrideUp while those without these permissions can refer clients to the provider. A proc fee is paid on completion of advised or referred cases.
Sakeeb Zaman, chief executive and co-founder at StrideUp, said: “As a financial provider, we are constantly and carefully evaluating the most effective ways to help potential homeowners looking for a flexible home finance solution but who continue to sit beyond some mainstream lending parameters.”
“PMS Mortgage Club is one of the foremost names in the intermediary market and we are looking forward to working closely with the team to widen access to ethical and Shariah-compliant finance options and provide solutions that could empower a new generation of homeowners.”
Stephanie Charman (pictured), strategic relationships director at PMS Mortgage Club, added: “We are pleased to be partnering with StrideUp at a time when demand for Shariah-compliant products continues to grow in the UK.
“StrideUp’s competitive range of home finance solutions, combined with its flexible underwriting approach and enhanced affordability criteria, makes this another welcome addition to the comprehensive range of options available to PMS members and their clients.”
Gen H joins LMS Panel Link
Gen H has become the 34th lender to join LMS Panel Link, a service that connects lenders to conveyancing firms.
LMS will ensure firms meet Gen H’s requirements on every application. Gen H will also use the firm’s Secure Link messaging service for the post-offer process.
Nick Chadbourne, chief executive of LMS, said: “Gen H’s mission to help everyone get on the property ladder is an admirable one, especially right now when a lot of people are struggling with the cost of living and mortgage rates are somewhat unpredictable.
“Being able to help them deliver this vision through both Panel Link and Secure Link is extremely rewarding and a testament to the work the team is putting in to ensure the development and accessibility of tech. We’re confident that we can drive efficiency and deliver results that speak for themselves.”
Will Rice, chief executive at Gen H, added: “There is no doubt that navigating the mortgage market has become increasingly difficult, especially for people looking to buy their first home. It is our belief that owning a home should be an opportunity for everyone, and we are working to simplify this process on all fronts. Making the conveyancing journey simple for all is a key part of our mission, and LMS was the obvious choice as we worked to improve our systems and processes.
“We look forward to seeing the results of this exciting new partnership and developing a long-lasting relationship with the LMS team.”
