UK-based neolender Proportunity has revealed it will be adding a zero-deposit product this year with the aim of helping people to buy homes.
According to FinTech Futures, 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’.
Proportunity said, “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.”
Established in 2016, Proportunity claims its platform – Propotunity Home Index – which is powered by ML technology, enables customers to ‘buy smarter by identifying undervalued homes and avoiding overpriced ones.’
The company claims that 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.
Proportunity CEO and co-founder Vadim Toader said, “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.
“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 £105m in debt and equity funding in October 2021. Back in 2019, the firm raised £2m in a seed round.
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