Online estate agency agrees partnership to help buyers raise a deposit
Proportunity, proptech neolender, has agreed a new partnership with online estate agency Griffin Property Co. to help home buyers finance the deposit needed to acquire a property.
The partnership will offer buyers alternative ways to finance their first home. Proportunity provides equity loans to homebuyers similar to the UK government’s “Help to Buy” scheme but available for any home not just new builds.
The initiative 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 four and a half times income, means they can effectively borrow up to six times their income. For instance, a typical household income of £60,000 and a deposit of £25,000 could go from an affordability budget of £295,000 to £393,000, according to Vadim Toader, CEO and co-founder at Proportunity.
He said: “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 added: “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.”
