Access FS Partners with StrideUp Offering Islamic Home Finance

StrideUp and Access Financial Services have partnered to offer Islamic home finance to the Muslim buyers in UK.

StrideUp, a UK-based fintech startup that specializes in house lending, has partnered with Access Financial Services. More Muslim purchasers in the UK will now have access to Islamic home financing according to the agreement. The partnership will allow the mortgage and protection brokerage’s experts to recommend cases for the Islamic home finance provider.

Customers and the home finance company together buy a property, with each party holding a share. After then, the client gradually purchases StrideUp's share of the property by paying rent on the piece they do not yet own. By progressively purchasing StrideUp's portion of the property, the client eventually becomes the sole owner of the property at the conclusion of the contract, without having to pay interest.

According to Nick Jones, mortgage sales and marketing director at Access FS, some of their experienced brokers have been seeing an increase in demand for ethical finance options from Muslim clients looking for Islamic home finance. And having recently signed up lenders Gatehouse Bank and Nomo, they are now looking to offer more to this under-served part of the market and strengthen their proposition further with StrideUp.

He also said that, while the products of StrideUp are shariah-certified by Amanah Advisors, unlike some other providers, StrideUp aren’t too expensive, too rigid or particularly limited in whom they serve.

With a large and rapidly growing broker network, Access FS will play an important role in improving access to these solutions in areas where provision remains limited. Through partnerships like this, StrideUp supports brokers in delivering owner-occupied and buy-to-let solutions, including HMOs (House in multiple occupation) and MUFBs (Multi-unit freehold block mortgage), to a broad range of homebuyers and property investors.

Rizwan Ali, sales director of StrideUp, added that they look forward to working closely with the Access FS team as they continue to grow and expand their proposition.