Part buy, part rent
Make the unaffordable, affordable with StrideUp's smart home purchase plan. This part buy, part rent scheme lets you borrow up to 6.5x your income. Buy the share of the home you can afford now, StrideUp will co-purchase the remainder, and over time you'll build up your ownership stake.
In the simplest terms, StrideUp will co-purchase a home with you. You'll put down a minimum 15% deposit, then StrideUp will buy the rest of the property and grant you a lease to live there. As the property has been bought in full, there's no mortgage involved.
Each month, you'll make one monthly payment, made up of rent paid to StrideUp and purchase payments which gradually increase the amount of the property you own. Over the full term of your mortgage, you'll increase your ownership until you own 80% of the property, and StrideUp will hold 20% as an equity share. If you want to, you can make overpayments to chip away at their share and eventually get to 100% ownership.
Not every mortgage is for everyone. Here’s some things you should know about StrideUp's scheme before applying.
Buy a home worth up to 6.5x your income
As long as you meet StrideUp's affordability criteria, you could purchase a share of a property worth up to 6.5x your income versus the usual 4-4.5x. For example, if your income was £40,000, this would mean you could buy a share in a property worth £260,000.
Live debt-free and avoid paying interest
You won't have a mortgage, as StrideUp are co-purchasing with you. So if you're looking for a Shariah Compliant mortgage alternative (or you just don't like the idea of paying interest on a large debt!) then StrideUp could fit. They are audited and approved by Amanah Advisors.
You'll benefit from any increase in value
Even though they buy part of the property with you initially, any profit from the house price going up belongs to you, meaning you'll never have to pay more than the initial price to buy back from them.
StrideUp will share in any potential losses
If your property decreases in value, say because house prices fall and you have to sell, StrideUp will share in some of the losses with you. So you get all the gains, but they'll share in any losses.
The property must meet certain requirements
StrideUp has certain restrictions on the property you can buy. It cannot be a freehold flat or a listed property, for example, and must be valued between £100,000 and £1,500,000. They also only currently support purchases in England.
You'll need to have a 15% deposit saved
In order to qualify for StrideUp's scheme, you'll need enough cash to purchase 15% of the property upfront. For a £300,00 property for example, you would need £45,000 in cash. If you're buying a new-build flat, you'll need 20%.
You must earn at least £30,000
If you're applying on your own, you’ll need a minimum income of £30,000, or £50,000 jointly to qualify for StrideUp's scheme. Plus, if you're self-employed they'll need to see 2-years worth of accounts.
It could be more expensive than alternatives
You’ll have to pay rent on the portion of the property you don’t own. The amount you pay in rent is impacted by factors like the size of your deposit and the purchase price of your home. Plus, you're solely responsible for upkeep of the property, as well as any service charge and ground rent. You'll also pay solicitor fees for conveyancing, although StrideUp will contribute if you use a solicitor from their panel.
Get into your very own home in 4 simple steps
In under 10-minutes, we’ll check your eligibility for StrideUp’s home purchase plan, as well as our other buying schemes. Plus, you’ll get a personalised recommendation including interest rates and repayments.
Book a call with our mortgage experts to start the qualification process and cover any questions you might have. If you want to move ahead, we'll introduce you to your account manager from StrideUp.
StrideUp will arrange a decision in principle for you to confirm your final budget, and then it’s time to find a home! You'll need to ensure the property you choose meets StrideUp's requirements, but your account manager will be on hand to support you throughout the search.
Once you’ve found a property, your StrideUp account manager will work with you and your chosen conveyancer to purchase the home outright.
Explore our other buying schemes to see alternative ways to get on the ladder
On your own
Purchase a new build home from a participating home builder with just a 5% deposit.See details
With a guarantor
Add some or all of a loved one’s earnings to your mortgage application as a guarantor to boost your budgetSee details
Unlock money from a loved one’s property to gift to you as part of or all of your house depositSee details
Confused about mortgages? Read our guides for expert tips on saving, buying and the market.
You can be snug in your very own home in 4 simple steps