StrideUp Cuts Rates and Launches Its Innovative First-time Buyer Product to the Intermediary Market
StrideUp, the home finance start-up on a mission to create a fairer and more accessible housing market, has expanded its offering to brokers for the first time. The intermediary sales function will be headed up by Jon Sturgess who recently joined StrideUp after periods in senior sales roles with GE Money and Masthaven Bank.
StrideUp is offering 2 year, 5 year and 10 year fixed rate products as well as a 2 year discounted tracker product that starts at 5.99%. Finance is offered for both purchase and refinance. The launch of StrideUp’s intermediary channel coincides with their reduction in rates that enhances the affordability of StrideUp’s home finance.
StrideUp’s shared ownership model is similar to a first-charge with a top-up equity sharing loan that allows customers to effectively access up to six and a half times income where they meet eligibility criteria. The addition of StrideUp products to the intermediary residential market is particularly timely with the closure of applications for the government Help to Buy Equity Loan scheme at the end of October.
StrideUp will allow brokers to register their interest using their recently launched Intermediary page. It is also due to announce distribution agreements with several high profile partners in the coming weeks.
Jon said of the intermediary channel launch: “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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