Editor's note: This brief was summarised by The Property AI Team from a report by Mortgage Solutions. Read the original article for full details.
StrideUp Expands BTLPP Criteria for Larger HMOs and MUFBs
StrideUp has expanded its buy-to-let purchase plan (BTLPP) criteria, now accepting houses in multiple occupation (HMOs) with up to 12 bedrooms and multi-unit freehold blocks (MUFBs) with up to 10 units. The UK Sharia-compliant home finance provider has also increased its maximum financing limit to £2.5 million.
StrideUp stated that it has doubled its HMO and MUFB capacity, allowing the product to cater to larger, professionally managed portfolios. The company noted that Sharia-compliant options are typically limited for landlords operating at this scale.
The expansion is described as being in step with the greater professionalisation of landlords over the last year. StrideUp said it is working to expand its intermediary network and has recently made its Sharia-compliant home purchase plan available through New Leaf Distribution.
These changes are relevant for letting agents and inventory clerks managing larger HMOs and MUFBs, as they may now have access to additional Sharia-compliant finance options for their clients.
Source: Mortgage Solutions