It also introduces major criteria enhancements
First-time mortgage lender StrideUp has slashed its rates by 80 basis points (bps) on two-year fixes and by 55bps on five-year options at up to 80% loan-to-value (LTV).
With the rate cuts, two-year fixed rates are priced at 6.69% while five-year fixes are now 7.24%.
The lender has also announced major criteria enhancements to its residential proposition, including the provision of loans to foreign nationals without permanent rights to reside up to 85% LTV, as long as they have one year left on their visa.
It also lifted the cap on its maximum property value, increased its maximum financing size to £1 million at up to 80% LTV and to £750,000 at up to 85% LTV, and now accepts Grade 2 listed properties.
In addition, the home finance provider that claims to take a fresh approach to the residential mortgage market has streamlined its documentation process, requiring only three months of bank statements, with six months requested only if they are used for declared expenditures.
“At StrideUp, our mission is to help more people achieve their financial and homeownership aspirations,” stated Sakeeb Zaman (pictured), chief executive at StrideUp. “We are constantly evaluating the most effective steps to further this mission.
“These pricing and criteria changes will make our proposition more accessible to an even greater number of people and help more brokers provide a wider variety of options for those who are underserved by the traditional lenders.”
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