Ahauz, which launched in September this year, provides an equity loan of up to 25% of a property’s value as a top-up alongside a traditional mortgage. Rates start at 6.99%.

It essentially apes the Help to Buy scheme but allows for the purchase of existing homes.

Ahauz says this new partnership is a big step in “expanding its broker footprint across the country”.

Promise Money managing director Steve Walker says: “[Ahauz loans] are proving to be incredibly popular because they satisfy a gap in the market for products that don’t just allow first-time buyers to transact, but buy the home they actually want. We expect that a lot of our customers will appreciate the ability to increase their overall budget and get that extra bedroom or buy closer to their kid’s school.

“The equity loans are not only beneficial for first time buyers, but also for banks and building societies as they can attract more first-time buyers without increasing their risk appetite.”

And Ahauz co-founder Karthik Srivats adds: “We’re very much looking forward to working with [Promise Money] and seeing what can be achieved in a lending environment where we expect the popularity of equity loans to balloon over the next few years.

“This will only accelerate, of course, with the closure of the Help to Buy scheme.”