Affinity Mortgages added to Proportunity broker panel

Affinity Mortgages will now be able to offer Proportunity equity loans to its clients, following the lender’s addition to Proportunity’s panel of brokers.

The loans, which help people with limited capital to move up the property ladder, are available to first-time buyers and existing homeowners.

Loans are made through brokers only, up to a value of £150,000 or up to 25% of a property’s value, which borrowers can use to secure a regular mortgage at a rate of lower interest than a 95% LTV mortgage.

According to Proportunity, the loans will lead to a reduction in mortgage costs of up to 40% and an increase in overall loan to income of up to 6 times on a deposit worth 5%.

Managing Director and Co-Founder of Proportunity, Vadim Toader, said: “Adding Affinity Mortgages to Proportunity’s panel of brokers will allow us to expand our reach and offer a real solution for people with limited deposits. who are struggling to buy their own home.”

“With interest rates set to rise further this year and house prices continuing to rise, we expect that an increasing number of potential buyers will find it more difficult to access the housing ladder or to climb it,” he added.

According to Affinity Mortgages advisor Eric Miller, the partnership has allowed Affinity clients to move up the property ladder without experiencing significant delays.

“Proportunity has given a number of my clients the opportunity to buy properties they couldn’t afford if they hadn’t continued to save for a long period of time,” he says.

Last year, Proportunity raised £105million to expand its team and change its product line to allow a maximum loan of £150,000, up from £90,000.

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