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L&G Mortgage Club adds Sharia-compliant StrideUp to panel

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  • 14/02/2024
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L&G Mortgage Club adds Sharia-compliant StrideUp to panel
Sharia-compliant home finance provider StrideUp has been added to the Legal and General (L&G) Mortgage Club lender panel.

StrideUp launched in 2022 and opened its proposition up to brokers later that year. 

This partnership means intermediaries working with L&G can access its specialist criteria for home purchase and refinance solutions for their clients. 

This includes its 10-year fixes, with rates starting from 5.99 per cent, and the two-year fixes, which begin from 6.19 per cent. 

This is available up to 85 per cent finance to value (FTV). 

The products are available to both Muslim and non-Muslim borrowers. 

StrideUp also offers products for people who do not fit high street lender criteria and will consider self-employed people, day rate contractors and people who have received a 100 per cent gifted deposit. It will also accept applications from foreign nationals living in the UK with at least one year remaining on their visa. 

The lender can offer borrowers up to six times finance to income (FTI) ratios, has terms between 10 and 40 years and there are no credit score requirements. 

 

A ‘unique approach’ 

Clare Beardmore (pictured), director of L&G Mortgage Club, said: “At L&G, we strive to provide a broad range of financing options to ensure that our intermediaries can continue to support customers in a variety of situations. Whether that involves self-employed individuals, those in complex financial circumstances, or customers looking for ethical and religious options, we want to give everybody the opportunity to get on the property ladder. 

“StrideUp’s unique approach, particularly within its Sharia-compliant finance solutions, enhances our ability to cater for borrowers with distinct requirements whose needs are often overlooked, allowing them to purchase or refinance their homes. Through this partnership, we want to broaden accessibility to mortgage financing, ensuring that all individuals with diverse financial circumstances can find viable pathways to homeownership.” 

Sakeeb Zaman, CEO of StrideUp, said: “Partnering with L&G marks a significant milestone for StrideUp. Our addition to their lender panel opens new avenues for us to provide innovative financing solutions to a larger audience. We are particularly excited about offering our Sharia-compliant finance options to intermediaries across the UK, aligning with our commitment to serve the unique and diverse range of customers in the market.

“With StrideUp’s flexible underwriting and specialist criteria, we are confident that this collaboration will empower borrowers to achieve their homeownership goals.” 

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