StrideUp’s Home Purchase Plan is a Shariah-compliant alternative to a traditional mortgage, offering a fair and accessible way for people to buy or refinance their home. Here’s how it works and what makes it unique:
Key Features of the StrideUp Home Purchase Plan
A Mortgage Alternative Using Diminishing Musharakah: Instead of lending you money, we use a structure called Diminishing Musharakah. This means we jointly purchase the property with you, and you gradually buy back our share over time until you fully own the home.
Free from Riba (Interest): Unlike traditional mortgages, this plan ensures that you make payments toward ownership, not towards interest charges. Our plan is designed to provide an ethical, equitable approach to home ownership.
Regulated for Your Protection: StrideUp’s Home Purchase Plans are regulated by the Financial Conduct Authority, ensuring you have protections and rights that mirror those of a conventional mortgage.
Flexible and Inclusive Approach: Unlike some banks that rely on a rigid approval process, we assess each application individually, taking the time to understand your unique circumstances to find the right solution for you.
Certified Shariah-Compliant: Our products are certified by independent advisers to ensure they meet ethical and fair standards, benefiting all customers, regardless of faith. For more information on the role of Amanah Advisors in overseeing Shariah compliance, please visit our FAQ here.
If you’re ready to stop renting, looking to upgrade or wanting to refinance from your existing mortgage or finance provider, complete a decision in principle now to see what options you have with StrideUp, it take 5 minutes to complete!