Access Financial Services (FS) has signed a new partnership with Shariah-compliant fintech, StrideUp.
The deal will see the mortgage and protection brokerage’s advisers refer cases to StrideUp.
The Islamic home finance provider is certified Shariah-compliant and interest free, and is regulated by the Financial Conduct Authority.
StrideUp purchases property in partnership with customers, with each party owning a share. The customer then buys a stake in the property over time, paying rent on the portion they do not yet own. By gradually buying out StrideUp’s share of the property, the customer owns the property outright at the end of the agreement without ever paying interest.
Through the partnership, Access FS advisers will refer cases to the provider but cannot sell StrideUp’s products which require home purchase plan permissions.
Mortgage sales and marketing director at Access FS, Nick Jones, said: "Some of our more experienced brokers have been seeing an increase in demand for ethical finance options from Muslim clients looking for Islamic home finance. We need to respond to that.
"Having recently signed up lenders Gatehouse Bank and Nomo, we’re now looking to offer more to this under-served part of the market and bolstering our proposition further with StrideUp."
Sales director at StrideUp, Rizwan Ali, concluded: "We’re pleased to welcome Access FS to the StrideUp broker panel at a time when demand for faith-aligned financing is increasingly evident, with 76% of British Muslims stating that it’s important their finance reflects their beliefs. With a large and rapidly growing broker network, Access FS will play an important role in improving access to these solutions in areas where provision remains limited.
"Through partnerships like this, StrideUp supports brokers in delivering owner-occupied and buy-to-let solutions, including HMOs and MUFBs, to a broad range of homebuyers and property investors. We look forward to working closely with the Access FS team as they continue to grow and expand their proposition."
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