Mortgage and protection adviser, Affinity Mortgages, has been added to Proportunity’s panel of brokers.
The partnership means that Affinity Mortgages can now offer clients Proportunity shared equity loans.
These loans are similar to the government’s Help to Buy scheme, but as well as supporting first-time buyers they are also available on existing properties and to those already on the housing ladder.
Proportunity loans are only available through brokers and provide up to £150,000 or 25% of the value of a property, which borrowers can then use to obtain a mainstream mortgage at a lower rate of interest than taking out a 95% LTV mortgage.
The London-based loan provider has secured funding of £100m and revealed it will continue to expand its broker, lender and estate agent relationships.
“The addition of Affinity to Proportunity’s panel of brokers will enable us to expand our reach, and offer a real solution to people with limited deposits struggling to purchase a home of their own,” commented Proportunity chief executive and co-founder, Vadim Toader. “It also provides Affinity with a way to help their clients that wasn’t previously available.
“With interest rates predicted to rise again this year, and property prices continuing to increase, we anticipate that a growing number of prospective purchasers will be finding it harder to get onto the housing ladder, or to move further up it.
“We are looking forward to working with Affinity to make homeownership possible for their clients where it may not otherwise be.”
Affinity director of operations, Rebecca Lewis, added: “We’re really excited to be able to extend Proportunity’s offering to our clients. At Affinity we always ensure no stone is left unturned to find a solution for our clients’ needs. This will only enhance our ability to truly find a solution to every problem.”
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