Proportunity’s shared equity loans are aimed at buyers with only a five per cent deposit and are available for up to $196,500 or up to 25 per cent of the value of a property
Shared equity loan provider, Proportunity, has joined Knowledge Bank to make its products available on the criteria search platform for brokers.
Proportunity’s shared equity loans are aimed at buyers with only a five per cent deposit and are available for up to £150,000 ($196,500) or up to 25 per cent of the value of a property. They are available to first-time buyers and existing homeowners who want to move to a bigger property but only have a small deposit.
Proportunity loans allow prospective borrowers to increase the size of their deposit, and get a mainstream mortgage at a lower rate of interest than they would have done if taking out a 95 per cent loan-to-value (LTV) mortgage.
The lender claims that this lowers the overall cost of the purchaser’s mortgage across the two blended rates by up to 40 per cent, and also has the benefit of increasing overall loan to income up to six times on a five per cent deposit.
Proportunity chief executive and co-founder, Vadim Toader, said: Raising awareness among brokers of the solutions we can offer their customers, and giving them the ability to compare our products, will extend our reach to a far greater customer base.
The Knowledge Bank criteria database is the largest in the UK, and contains over 135,000 individual criteria from more than 270 lenders.
Nicola Firth, founder and CEO of Knowledge Bank, added: As house prices continue to spike, the deposits needed to buy a property are continuing to increase. Proportunity gives first-time buyers another option through its innovative offering and it should help plenty of borrowers onto the housing ladder.