Looking for a 5% deposit mortgage? Proportunity is an alternative to the Government Help to Buy scheme, making it easier for new buyers and home movers to buy a home.
Introducing 5% Deposit Mortgages
The age of first-time buyers in the UK has been steadily on the rise for the past 15 years. Primarily, driven by an increase in house prices and the availability of low-deposit mortgages.
Since 2007, the average age of a first-time buyer has crept up to 34 years, a rise of 21%. Research shows that the gap between earnings and house prices is widening. However, at the same time there are few high loan-to-value mortgage products available.
All of this means that it’s taking first-time buyers up to 10 years to save up a sufficient deposit.
Of course, it’s not just first-time buyers that face an uphill battle. So-called ‘second steppers’ or anyone trying to move into a larger home could find it difficult, especially if they only had a low deposit previously.
Proportunity offers a solution to buy a home with a 5% deposit mortgage.
You cannot apply for Proportunity without speaking to a mortgage advisor.
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What is The 5% Deposit Mortgage With Proportunity?
The 5% deposit Government mortgages scheme has given lots of buyers a helping hand onto the property ladder. A type of equity loan to accompany a regular mortgage, the scheme is available for new homes in England.
However, although the 5% deposit mortgage Government scheme has helped thousands of people to buy their own home, it has many limitations. Along with geographical restrictions, it’s only available to first-time buyers who are purchasing a brand-new property from a registered homebuilder.
This leaves many potential purchasers ineligible, and left with no option than to save up for a full deposit. Until now.
Proportunity is very similar to the Help to Buy scheme, but without so many restrictions. You can apply whether you’re a new buyer or an existing home-owner. You will only need a 5% deposit as the equity loan covers the rest of the cash needed for a larger deposit. This runs alongside the mortgage as a secured second loan.
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Who Does 5%
If you only have a 5% deposit, the risk for the lender is much greater. This means that even during times of economic boom, there isn’t a wide selection to choose from. When there’s a recession or economic uncertainty, you might not be able to find any lenders willing to offer a 5% deposit mortgage.
Cost is another factor. With a high loan-to-value (LTV), you will be paying a much higher rate of interest. Over the term of a mortgage, this will run into tens of thousands of pounds more.
If you have a larger deposit, lenders will offer preferential rates of interest, cutting the cost of your mortgage payments.
Proportunity provide an equity loan so you have a full 30% deposit to offer a lender. Not only does this mean you’ll be able to select from a wider range of mortgages, you’ll also be able to access the most competitive rates.
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How Does The 5% Deposit Mortgage With Proportunity Work?
As a secured second loan, the amount you borrow from Proportunity matches the term of your mortgage. With the 5% deposit you have plus the loan from Proportunity, you could have a deposit of up to 30% of the property value.
Proportunity is an equity loan which means that it matches the performance of your property. When it’s time to pay it off, the amount you owe will match the appreciation or depreciation of your property so you’ll never be out of pocket.
You can choose to pay off your equity loan as soon as you want; the amount due will be calculated on the property value at that time. However, within the first 5 years an early repayment penalty applies.
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How to Qualify For 5% Deposit Mortgage Deal With Proportunity
Unlike the Government Help to Buy scheme, the Proportunity is open to both new and existing home owners in England and Wales. It enables house-hunters to increase their purchasing power and slashes the amount of time it takes to save up for a deposit.
A Proportunity equity loan can be anything from £20,000 to £150,000, depending on property value and affordability. Credit checks will be carried out if you decide to proceed with an application. Importantly, you will need to have a good credit history.
Whether you’re looking to get onto the property ladder for the first time or move to a larger home, you can apply to Proportunity.
For more information see: Proportunity FAQ
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Is Proportunity a Shared Ownership Scheme?
The Government Help to Buy Scheme does include an option for shared ownership. However, similar to the 5% mortgage Government scheme, there are heavy restrictions on who can apply.
Although with Proportunity you’ll be borrowing the money to create a larger deposit, you’ll own 100% of your home from the start.
Further questions? See our FAQ here: Proportunity FAQ
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