Online agent partners with Help to Buy style lender to boost buyer deposits
Wednesday, July 13, 2022
Online agent Griffin Property Co has become the latest brand to partner with Help to Buy-style equity loan provider Proportunity.
The partnership will enable Griffin Property Co to introduce the lender to buyers looking at its listings.
Proportunity provides equity loans to homebuyers similar to the government’s Help to Buy scheme but available for any home not just new builds.
It allows homebuyers to afford homes with only a 5% deposit, reducing the amount they need in savings.
The Proportunity equity loan of up to £150,000 or 25% of the house price, sits on top of the maximum mortgage they get from a mainstream lender.
The equity loan, in addition to the mortgage of up to 4.5x income, means they can effectively borrow up to six times their income.
For example, a typical household income of £60,000 and a deposit of £25,000 could go from an affordability budget of £295,000 to £393,000.
Vadim Toader, chief executive of Proportunity, said: “It’s our mission to unlock the future of home financing to meaningfully improve our customers’ lives. We're always looking for ways to add value to our aim of assisting home buyers, which is why we've partnered with Griffin Property Co.
“Griffin Property, like us, is committed to assisting customers by providing the most cost-effective access to the major property portals, as well as an experienced team to assist customers at every step of the process.
“We know our customers are in good hands when it comes to finding their dream home. We are delighted to have partnered with an award-winning agency, providing the best in class service.”
Nick Neale, director at Griffin Property, added: “Through Proportunity, we’re able to offer our home buyers more options to suit their budget.
“Our sellers also benefit from more interest in their properties. The fact that Proportunity uses proprietary machine learning technology to identify homes in high potential growth areas also gives our buyers and sellers confidence that they are buying at the right value.”
Similar partnerships were launched last year with Jeremy Leaf, who operates the north London agency Jeremy Leaf & Co and south London agency Edward Ashdale.
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