It includes a range of Shariah-compliant residential finance products
Legal & General Mortgage Club has announced the addition of StrideUp, an alternative and ethical finance provider, to its lender panel, expanding the finance options for its intermediaries.
As a result of the partnership, brokers using Legal & General Mortgage Club now have access to StrideUp’s range of Shariah-compliant residential finance products, featuring 10-year fixed rates starting at 5.99% and two-year fixed rates beginning at 6.19%, with financing available up to 85% of the property’s value.
StrideUp extends its services beyond Islamic finance, accommodating borrowers, including non-Muslims, who may not meet the criteria of traditional lenders, such as the self-employed, day rate contractors, individuals with 100% gifted deposits, and foreign nationals residing in the UK with at least one year left on their visa.
The collaboration also provides intermediaries the opportunity to offer their clients an alternative Home Purchase Plan, which allows up to six times the finance to income ratio, and features no credit score requirement, loan terms ranging from 10 to 40 years, and manual underwriting processes.
“At Legal & General, 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,” said Clare Beardmore (pictured left), director at Legal & General Mortgage Club. “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 Shariah-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 (pictured right), chief executive at StrideUp, said partnering with Legal & General marked a significant milestone for them.
“Our addition to their lender panel opens new avenues for us to provide innovative financing solutions to a larger audience,” he added. “We are particularly excited about offering our Shariah-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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