StrideUp has reduced its rates on all five-year fixed products by 80 basis points.

The specialist lender is focused on borrowers not served by the high street, including foreign nationals, buyers reliant on financial support from family, the self-employed and contractors.

Rates now start at 6.09% for those with a 40% deposit.

StrideUp considers borrowers who do not yet have the permanent right to reside in the UK so long as they have a year left on their visa.

The lender uses the most recent year’s income for self-employed customers, helping to maximise affordability.

StrideUp products are structured as sharia-compliant home purchase plans, which are suitable for people of Muslim faith due to the absence of interest payments.

Intermediaries who have FCA home purchase plan (HPP) permissions can advise and submit business directly to StrideUp, however for those intermediaries who are not HPP authorised, the customer can be referred to StrideUp who will provide the advice to the customer.

Procuration fees are paid on all completed cases whether the intermediary provides the advice or refers the customer on.

Chief executive Sakeeb Zaman says: “At StrideUp, our mission is to help more people achieve their financial and homeownership aspirations, and we are constantly evaluating the most effective steps to further this mission.

“These pricing and criteria changes will make our proposition more accessible to an even greater number of people and help more brokers provide a wider variety of options for those who are underserved by the traditional lenders.”