Mortgage and protection network, The Finance Planning Group, has this week teamed up with Proportunity.
The Finance Planning Group uses the latest technology to acquire leads and then process the mortgage application. It prides itself on being able to service client enquiries in the way best for the customer, and this new agreement means that it will now be able to offer its clients Proportunity’s unique, shared equity loan.
Proportunity loans work in a similar way to the government’s Help to Buy scheme, except they are also available on existing properties and to those who are already on the housing ladder as well as to first-time buyers. Proportunity lends potential homeowners with a 5% deposit, up to £150,000 or up to 25% of the property value. This also enables borrowers to get a mainstream mortgage at a lower rate of interest as they can borrow on a lower LTV, lowering the overall cost of their mortgage.
Some borrowers can increase their total level of affordability up to six times their salary. This enables them to buy a property up to 25% bigger than they would otherwise be able to afford as they can buy a property worth an average of £75,000 more than they could without a Proportunity loan.
Paul Lewis, Head of Intermediary Partnerships at Proportunity, signed the deal with The Finance Planning Group, having joined Proportunity just three weeks ago. Paul comments: “This deal is a testament to how visionary and forward looking The Finance Planning Group is. It means that brokers in The Finance Planning Group will now be able to provide their mortgage clients with innovative new options to help them either to get on the housing ladder or to take that next step up into a bigger property. Proportunity offers a truly unique opportunity for borrowers to either buy a larger property, or get on the housing ladder at an affordable rate with just a 5% deposit.”
Mark Ninnim, marketing director at the Finance Planning Group, says: “The Proportunity solution is truly innovative, enabling borrowers to purchase existing properties as well as new build ones. It will also fill a much-needed gap as the Help to Buy scheme tails away. With escalating house prices, the Proportunity shared equity loan will help our clients right now, to scale up and buy that next property that they would otherwise struggle to afford. For some people this really will be a lifeline, so for us it was a no-brainer to launch with Proportunity to make this option available to our brokers and their clients.”