Proportunity has announced it is working on bringing the UK’s first zero deposit mortgage product to market later this year.

The announcement was made as part of the lender’s  crowdfunding campaign with Seedrs to grow the business and help more people in the UK become homeowners sooner.

With the deadline for the Help to Buy scheme brought forward to October this year, Proportunity has revealed it is aiming to capture the £5bn market gap set to be left behind.

A zero deposit mortgage would remove the biggest barrier to homeownership in saving for a deposit, and would join Proportunity’s existing offering, which also includes a mortgage booster loan. The lender currently offers mortgage boosting solutions that help its customers access the finance they need to get on to the property ladder.

As well as the zero deposit product, Proportunity also mentioned in its fundraise video that it will be looking into a rent-to-buy offering, with the crowdfunding campaign inviting investors to join Proportunity to help one million people onto the property ladder by 2030. The campaign will be live until 30 June and the final investment will be announced in July.

Proportunity CEO and co-founder, Vadim Toader, commented: “In today’s market, rising interest rates, an unaffordable mortgage, and cost of living crises are making the process of buying a home even more challenging. We are committed to becoming a trusted provider of home buying services for anyone struggling to buy the home they desire.

“The new products we are developing will enable buyers to overcome various barriers to homeownership. We’ve already financed over £100m of homes, helping over 260 people onto the property ladder, and we’re not slowing down anytime soon.”

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