How is buying with StrideUp different to a mortgage?

Similarities and differences to a normal mortgage

Kate avatar
Written by Kate
Updated over a week ago

With StrideUp you can buy or refinance your home. But instead of lending you money in a mortgage and charging you interest, we offer a Home Purchase Plan. This is a Shariah-compliant alternative to a regular mortgage.

Our flexible and inclusive approach might even mean we can offer you a bit more than you could get from a regular mortgage - speak to our advisers to find out how we can help.

Comparing StrideUp to a regular mortgage lender:

  • we're also a home finance provider, meaning we provide the money you need to buy a home

  • we are authorised and regulated by the Financial Conduct Authority (FCA)

  • you can choose a property from the open market (subject to eligibility)

  • you can buy a home by putting down a deposit and making monthly payments until you own the home outright

Where we're different from a mortgage:

  • we don't lend you any money, rather we jointly buy the property with you

  • we rent our share of the property to you and every month you buy a bit of our share and increase your ownership of the property

  • we allow overpayments (subject to the terms of your Offer) so you can own your home outright even faster

Your home may be repossessed if you do not keep up the payments on your Home Purchase Plan.

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