MCI Mortgage Club has announced the addition of equity loan provider, Proportunity, to its lender panel.
Proportunity offers a Help to Buy style equity loan that boosts aspiring homeowners’ budgets by up to £150,000, and the move means that MCI Club members can now unlock up to six times salary for their clients.
The client can have as little as a 5% deposit and Proportunity will provide an equity loan to increase this to between 15% and 30% of the property value, the mortgage club confirmed. This will increase the borrower’s chances of getting the mortgage they need and paying a lower interest rate on the mainstream part of their mortgage.
Until 30 September 2021 there will be no product fees on all new cases coming through MCI Club, and the loan is available on both new-build and existing properties across England and Wales, available to both first-time buyers and existing home owners.
MCI Club head, Melanie Spencer, said: “We are always looking for lenders that bring something different to the table and provide innovative solutions. First-time buyers, some people getting divorced and other people with small deposits can find it particularly challenging to get a mortgage and buy a property.
“The addition of Proportunity to our panel will therefore give our brokers a unique opportunity to help more clients as they will be able to borrow up to six times income with just a 5% deposit.”
Proportunity CEO, Vadim Toader, added: “We are really excited to work together with the MCI Club to help today's young buyers afford the homes they want. It’s a pain point that is becoming increasingly acute as house prices grow and the Help to Buy scheme comes to an end.
“We hope that MCI’s club members will immediately see the benefit that our loan can provide for those struggling with deposits and long-term affordability.”
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