The 10-year fixed rates from StrideUp begin from 6.29 per cent and both its two and five-year fixed rates now from 6.79 per cent.
The company’s range is available up to 85 per cent Finance to Value (FTV), requiring a minimum 15 per cent deposit from the customer.
Shariah-compliant finance means that finance products cannot pay or receive interest.
The product aims to be “fair and inclusive for all customers and equally attracts non-Muslims simply due to its features and StrideUp’s flexible approach to underwriting”.
The lender accepts foreign nationals with a 15 per cent deposit and one year remaining on their visa, gifted deposits, self-employed applicants and contractors.
Brokers can advise and submit business directly to StrideUp, and for those who are not authorised the customer can be referred to StrideUp who can provide advice to the customer.
A procuration fee is paid for all completed customers whether the broker advises or refers the customer.
Sakeeb Zaman, CEO at StrideUp, said: “The UK has close to four million Muslims, many of whom are excluded from homeownership due to a lack of suitable products. StrideUp offers fresh hope to these customers to finally get out of the rent trap.
“Last month’s rate reductions and criteria enhancements were very well received by our broker partners and so we have made a concerted effort to bring these reduced rates to market as early as possible.
“Since launching with both TMA and PMS recently, we have seen increased interest in our proposition from brokers who are not HPP authorised and with these further rate reductions, we hope that new brokers will seek to offer our Shariah-compliant and flexible home finance offering to more and more customers.”
