UK neolender Proportunity set to launch zero deposit mortgage product
London-based neolender Proportunity has announced that it will be adding a zero deposit offering later this year to help people buy homes.
The announcement was made as part of its crowdfunding campaign with Seedrs “to realise its ambitions to help one million people onto the property ladder by 2030”.
“The addition of a zero deposit mortgage product to Proportunity’s existing offering, which also includes a mortgage booster loan, is the latest way the company is looking at disrupting the broken borrowing system,” the neolender says.
Launched in 2016, Proportunity says its platform – Propotunity Home Index (PHI) – powered by proprietary machine learning (ML) technology, enables customers “to buy smarter by identifying undervalued homes and avoiding overpriced ones”.
Proportunity says it shares the change in the value of the homes it lends on and that it gathers over 150 data points to assess the property’s growth potential.
This includes factors such as property size, crime rates, transport links and socioeconomic data from Land Registry, energy performance sources and more.
“In today’s market, rising interest rates, an unaffordable mortgage, and cost of living crises are making the process of buying a home even more challenging,” says Vadim Toader, Proportunity CEO and co-founder.
“The new products we are developing will enable buyers to overcome various barriers to homeownership. We’ve already financed over £100 million of homes, helping over 260 people onto the property ladder, and we’re not slowing down anytime soon.”
Proportunity raised £105 million through debt and equity funding in October last year.