Leading mortgage industry figure Pat Bunton (pictured) has joined the board of mortgage lender Ahauz as a non-executive director, as it continues its expansion across England and Wales.
As property prices continue to rise, first-time buyers and home movers are turning to private alternatives to government schemes to help bridge their affordability gap, particularly in larger city centres and traditional commuter towns.
While the government’s Help to Buy equity loan scheme is only available on new build properties, Ahauz is available on existing homes, which represent 90% of the market.
Ahauz offers home buyers an equity loan of up to 25% of the property value provided they can put in at least 5% and meet other lending criteria.
This can boost their affordability to six times their income and brings a much greater choice of properties and locations within budget.
Bunton previously helped build London & Country Mortgages into the UK’s number one mortgage broker with completions of £12bn annually. More recently he helped bring specialist later-life lender, LiveMore Capital, to the market in 2020, where he remains as a strategic adviser.
He also served the Association of Mortgage Intermediaries (AMI) from 2008-18, including as chairman between 2013-18, helping to shape the industry’s response to the FCA’s Mortgage Market Review (MMR) and the European Union’s Mortgage Credit Directive (MCD).
Bunton said: “Ahauz has taken an innovative approach to tackling the affordability gap that home buyers are facing, and I have been very happy to help Ahauz pre-launch and now, as they seek to unlock homeownership for many more.
Ahauz has already seen significant growth in applications from buyers looking for support, and I am delighted to join their board at this exciting time. “
Karthik Srivats, co-founder of Ahauz, added: “Pat’s pedigree and reputation signifies Ahauz’s aspirations for growth and demonstrates our commitment to bringing together the brightest minds from across the industry, as we tackle the challenges of homeownership across England and Wales.
“With the government’s Help to Buy scheme ending soon and it’s limitations to just new builds, it’s critical that the private sector continues to innovate and deliver solutions that make a tangible impact to support home buyers bridge the affordability gap.”
