"This innovative solution provided by StrideUp is a great addition to our panel and will provide new opportunities for brokers to meet the changing needs of their clients."
StrideUp has partnered with Connect for Intermediaries to bring its shared-ownership model to Connect’s advisers.
StrideUp aims to tackle the first-time-buyer affordability crisis through its Home Purchase Plans that allow buyers to access finance up to six and half times income. The enhanced affordability is achieved by StrideUp contributing up to 20% equity share in the home that buyers can buy back over time.
Recent research puts the typical UK home at over seven times average earnings, the highest on record, and at a level that prices many first-time buyers out of the market.
Connect for Intermediaries’ advisers will now have access to StrideUp’s range of products including its two, five and 10-year fixed rate products as well as a two-year discounted tracker.
StrideUp aims to roll out a platform in early 2023 that will allow Connect for Intermediaries’ brokers to register, submit and manage their cases online. Brokers will also benefit from tailored support with each case being reviewed by an underwriter.
Jon Sturgess, head of intermediary sales at StrideUp, said: “StrideUp’s innovative product range is a perfect fit for Connect’s large specialist lending panel to find solutions for not only first-time buyers but also customers who aren't meeting the challenges around affordability. It is essential that brokers can find solutions for their clients going forward and we are delighted to be working with Connect.”
Kevin Thomson, sales director at Connect for Intermediaries, added: “There is little doubt that in today’s market of soaring living costs and the challenge of affordability, StrideUp’s innovative home purchase solution to help first-time buyers get onto the property ladder is a great product to be able to offer. This latest partnership is part of a concerted effort by Connect to give our network members a real advantage, by providing access to the widest range of both mainstream and specialist lenders. This innovative solution provided by StrideUp is a great addition to our panel and will provide new opportunities for brokers to meet the changing needs of their clients.”
