Today, proptech neolender, Proportunity, announces it will be added to the lender panel of mortgage club, Brilliant Solutions. Proportunity joining the panel means Brilliant Solutions’ members will now have access to Proportunity’s equity loan product, through which homebuyers can increase overall loan to income up to six times on a 5% deposit.
Rising interest rates, the current cost of living crisis and cautious lending from mortgage providers means getting access to the finance needed to get on the property ladder is an increasingly difficult task. Proportunity’s vision is to make home ownership a reality for more people by helping to boost their deposit and unlock more favourable mortgage rates.
This partnership makes more home seekers aware of Proportunity’s offering as a potential option to help finance their ideal home. The neolender provides equity loans to homebuyers, enabling them to afford homes with only a 5% deposit, reducing the amount they need in savings. The equity loans work in a similar way to the U.K. government’s “Help to Buy '' scheme, but is available for any home, not just new builds.
The Proportunity equity loan of up to £150,000 or 25% of the house price, sits on top of the maximum mortgage buyers receive from a mainstream lender. The equity loan, in addition to the mortgage of up to 4.5x income, means buyers can effectively borrow up to six times their income, depending on their individual circumstances. .
Proportunity will be launching a live event "Unlocking up to 6x income with Proportunity" on June 8th, exclusive to Brilliant Solutions members. The event will be led by Khalid Ichaoui, Business Development Lead at Proportunity and will give brokers the information they need to help clients access more money to fund their home buying aspirations.
The brokers attending the event will learn about:
Helping customers unlock more from lenders
Boosting budgets by up to £150k
Unlocking higher LTIs overall (up to 6x)
How Proportunity’s proprietary AVM works to get an instant decision on property eligibility
In addition to this event, Proportunity is also currently offering a mortgage payment deal to new customers who sign up to a Proportunity Mortgage Booster Loan. This deal means that Brilliant Solutions members who become new Proportunity customers, will be able to get their first three months’ loan interest free.
Michael Craig, Sales Director at Brilliant Solutions says: "Innovative borrowing solutions excel with specialist advice from the broker community. The addition of the Proportunity product set to the breadth of our offering gives brokers and their clients yet more options in an underserved market. Our direct to lender support is the perfect fit with this highly specialist product."
Vadim Toader, CEO and Co-Founder at Proportunity says: “Many people looking to get on the property ladder are paying more in rent than they would be on a mortgage, but find it difficult to access finance due to current market conditions. It’s important to us that we join forces with other innovative companies to change this situation. By joining the Brilliant Solutions network, we are delighted to be helping address the issues thousands of people looking to purchase a home are facing. During a time of financial difficulty for many buyers, joining the lender panel gives us the opportunity to offer our mortgage booster product to its members, so we can help even more people finance their home.”