Knowledge Bank adds Proportunity criteria
Proportunity, the shared equity loan provider, has partnered with Knowledge Bank to make its products available on the industry leading criteria search platform for brokers.
The Knowledge Bank criteria database is the largest in the UK, and contains over 135,000 individual criteria from over 270 lenders.
Proportunity chief executive and co-founder Vadim Toader said: “This exciting partnership will open up our criteria to a wider market through the power of the Knowledge Bank platform.
“Raising awareness among brokers of the solutions we can offer their customers, and giving them the ability to compare our products, will extend our reach to a far greater customer base.”
The shared equity loans provided by London-based Proportunity are aimed at people with only a 5% deposit to buy a property, and are available for up to £150,000 or up to 25% of the value of a property. They are available to first-time buyers, and also to existing homeowners who want to move to a bigger property but only have a small deposit.
Nicola Firth, founder and CEO of Knowledge Bank added: “The addition of Proportunity is the latest benefit for our brokers. We are constantly adding lenders and categories to our platform to ensure we continue as the go-to search platform, and Proportunity offers a great new option for brokers working with first-time buyers.
“As house prices continue to spike, the deposits needed to buy a property are continuing to increase. Proportunity gives first-time buyers another option through its innovative offering and it should help plenty of borrowers onto the housing ladder.”
Proportunity loans enable prospective purchasers to increase the size of their deposit, and get a mainstream mortgage at a lower rate of interest than they would have done if taking out a 95% LTV mortgage. This lowers the overall cost of the purchaser’s mortgage across the two blended rates by up to 40%, and also has the benefit of increasing overall loan to income up to six times on a 5% deposit.