Proportunity, proptech neolender, today announces a new partnership with ESTAS award-winning online estate agency, Griffin Property Co., to help home buyers finance the deposit needed for their dream home.
The partnership comes at a time when the cost of living crisis and rising interest rates is creating an extremely challenging environment for buyers. With house prices their highest in a decade and lenders withdrawing many of the low-interest mortgages previously on the market, buyers are looking at alternative ways to finance their first home. One of these is by increasing their deposit to unlock a lower loan to value (LTV) that typically offers a lower interest rate on repayments.
Proportunity’s vision is to make home ownership more accessible for more people by boosting their deposit. Through the partnership, Griffin Property Co. customers will be introduced to Proportunity and potentially unlock up to £150k more on top of their initial budget.
Proportunity provides equity loans to homebuyers similar to the U.K. government’s “Help to Buy” scheme but available for any home not just new builds. It allows homebuyers to afford homes with only a 5% deposit, reducing the amount they need in savings. The Proportunity equity loan of up to £150,000 or 25% of the house price, sits on top of the maximum mortgage they get from a mainstream lender. The equity loan, in addition to the mortgage of up to 4.5x income, means they can effectively borrow up to six times their income. For instance, a typical household income of £60k and a deposit of £25k could go from an affordability budget of £295 to £393k.
Vadim Toader, CEO and Co-Founder at Proportunity says: “It’s our mission to unlock the future of home financing to meaningfully improve our customers’ lives. We're always looking for ways to add value to our aim of assisting home buyers, which is why we've partnered with Griffin Property Co.”
“Griffin Property, like us, is committed to assisting customers by providing the most cost-effective access to the major property portals, as well as an experienced team to assist customers at every step of the process. We know our customers are in good hands when it comes to finding their dream home. We are delighted to have partnered with an award winning agency, providing the best in class service.”
Nick Neale. Director, at Griffin Property says: “Through Proportunity, we’re able to offer our home buyers more options to suit their budget. Our sellers also benefit from more interest in their properties. The fact that Proportunity uses proprietary machine learning technology to identify homes in high potential growth areas also gives our buyers and sellers confidence that they are buying at the right value.”
