Legal & General Mortgage Club has added alternative and ethical finance provider, StrideUp, to its lender panel.
StrideUp’s Shariah-compliant finance options will be available to intermediaries working with L&G across the UK.
Through the partnership, intermediaries using L&G Mortgage Club can offer customers alternative financing through StrideUp’s home purchase plan, with features for borrowers that include up to six times finance-to-income (FTI) ratio, no credit score requirements, 10 to 40-year terms, flexible criteria, and manual underwriting.
The plan allows intermediaries to give customers who fall outside of traditional criteria such as those with complex incomes, or those seeking a Shariah-compliant mortgage, the ability to finance their residential property purchase.
In addition to its Islamic finance options, StrideUp also caters to non-Muslim borrowers who may be overlooked by traditional high street lenders. These can include self-employed or day rate contractors, and those with 100% gifted deposits.
Director at Legal & General Mortgage Club, Clare Beardmore, commented: “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.”
StrideUp CEO, Sakeeb Zaman, added: “Partnering with L&G marks a significant milestone for StrideUp. Our addition to its lender panel opens new avenues for us to provide innovative financing solutions to a larger audience.
“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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