Equity loan provider Proportunity has become the latest lender to join The MCI mortgage club.
Proportunity offers a Help to Buy style equity loan that boosts aspiring homeowners’ budgets for their deposit by up to £150,000.
Members of the MCI mortgage club will now be able to unlock up to six times salary for their clients.
The client can have a minimum 5% deposit and Proportunity will provide an equity loan to increase this to between 15% and 30% of the property value.
In addition, until the 30 September 2021 there will be no product fees on all new cases coming through MCI mortgage club.
The loan is available on both new-build and existing properties across England and Wales and is available both to first-time buyers and existing homeowners.
This works alongside a main bank mortgage product, with both loans taken at point of purchase by owner-residents.
Proportunity is authorised and regulated by the Financial Conduct Authority (FCA), and is now looking to help more than 2,000 buyers over the next 12 months through the help of its distribution partners.
Melanie Spencer, head of MCI Club, 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 provides a pioneering new approach and is a breath of fresh air to the lending market, so it is great to welcome them onto our panel.”
Vadim Toader, CEO of Proportunity, added: “We are really excited to work together with The MCI Mortgage 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.
“To welcome brokers through our new partnership with MCI, we will waive all product fees for the next two months until 30th September 2021 for all cases submitted through MCI club.”