Mortgage and protection network the Finance Planning Group has struck a deal with lender Proportunity.

The Finance Planning Group uses the latest technology to acquire leads and process mortgage applications, and now says it will be able to offer clients Proportunity loans.

London-based Proportunity Loans, founded in 2016, provides second-charge top-up loans to help buyers leverage larger lending deals, with deposits as low as 5%.

Proportunity’s loans sit alongside a traditional mortgage in a similar way to the government’s Help to Buy scheme, however, interest rates on these top-up loans are between 8.49% and 9.99% for the first five years. 

The lender says that despite the high interest rates, borrowers may be able to reduce their overall monthly payments as the top-up loan could allow them to take a lower-LTV mortgage.

The company says its products will help to fill the gaps left as the Help to Buy scheme is phased out.

Proportunity head of intermediary partnerships Paul Lewis says the deal “means that brokers in the Finance Planning Group will now be able to provide their mortgage clients with innovative new options to help them either to get on the housing ladder or to take that next step up into a bigger property.” 

Finance Planning Group marketing director Mark Ninnim adds: “With escalating house prices, the Proportunity shared equity loan will help our clients right now, to scale up and buy that next property that they would otherwise struggle to afford.”