The Rental Rate will be made clear to you during your application process and will be part of your offer. It depends on which product range you choose (Iman or IncomeMax) and factors like the amount of deposit you can put down and the purchase price of your home.
The Rental Rate will be set up like this:
EITHER
Initial period of a fixed Rental Rate. For an initial period (usually between 2 to 10 years) the Rental Rate will be a fixed percentage, such as 6% or 7%.
OR
Initial period of variable, discounted Rental Rate. The Rental Rate will be linked to an economic benchmark - in StrideUp's case, this is the Bank of England rate, with a Discounted Margin. So your offer will say something like Bank of England rate + 3.24%, meaning every month we'll check the Bank of England rate and add 3.24% to calculate your Rental Rate.
THEN
Subsequent period of variable Rental Rate. After the initial period finishes, the Rental Rate will be linked to an economic benchmark - in StrideUp's case, this is the Bank of England rate. So your offer will say something like Bank of England rate + 4.24%, meaning every month we'll check the Bank of England rate and add 4.24% to calculate your Rental Rate.
StrideUp's home purchase plan product has been certified as Shariah-compliant by Amanah Advisors.