By entering into the Proportunity £50,000 Giveaway (Giveaway) each entrant agrees to be bound by the following terms and conditions:
1. The Giveaway, and how to enter
The Proportunity £50,000 Giveaway is a free prize giveaway.
You can take part in the Giveaway if you:
- Have signed up on our website with a Proportunity account
- Have entered the Giveaway page on our app and agreed to these rules
- Are looking to buy a residential home with a mortgage in England and Wales
You can sign up or sign in to your existing account at www.proportunity.co or on our app. You are responsible for making sure your details are correct. Entering the Giveaway will not affect the terms and conditions of your mortgage including interest rates, charges and the shared equity.
The prizes for the Giveaway (Prize) are:
- First Prize - £25,000
- Second Prize - £15,000
- Third Prize - £10,000
You will not qualify if:
- Your mortgage advisor (broker) based on your needs and circumstances, advises that a Proportunity Loan is not suitable to you; or/if
- You do not meet Proportunity Loans’ (lender) eligibility criteria or affordability assessments necessary to qualify you for a mortgage
In exceptional circumstances where you do not qualify but have won one of the three Prizes, we will issue the sum as a credit. This credit can be redeemed in the future when and if you are deemed suitable. The credit will be applied as part of the completion of your prospective Proportunity Loan application.
The following applies to the Prizes:
- For existing customers: The Prize amount will be paid as credit to your Proportunity mortgage account to pay off the sum of your overall Proportunity mortgage balance.
- For new customers: The Prize amount will be paid as a credit which you will be able to redeem as part of your mortgage completion to either use as a deposit booster or pay off part of your Proportunity mortgage.
Please note: there is no cash alternative. The Prize must be redeemed in the form of Proportunity credit towards a Proportunity Loan application. If the winning amount exceeds Proportunity’s Loan amount, then only the loan value will be redeemed as a credit towards the application and any remaining amount will be void.
An illustrative example below:
If you are a winner and have won the highest prize of £25,000 and have borrowed £60,000 (15%) of a property purchase price of £400,000 at a fixed rate of 8.49% followed by 10.49% variable (Bank of England base rate, currently 0.50%, plus 9.99%) over a 7 year period.
The winning prize value of £25,000 will be offset against £60,000 borrowed therefore the remaining outstanding capital will be £35,000, which would have 60 monthly payments of £247.63 (fixed rate 8.49%) followed by 24 monthly payments of £305.96 (10.49% variable rate). Assuming that the home value increases by 4.8% per annum (current CPIH) to £555,378 then at redemption in year 7 the shared equity amount due would be £83,307 (being the original capital balance of £60,000 plus the additional shared equity element of £23,307 . The total amount payable would be £58,300 (loan amount less prize value) including a £499 product fee paid upfront, plus £22,201 interest and a £100 discharge fee. The overall cost for comparison is 3.2% APRC.
2. The Giveaway, and how it works
We will carry out the giveaway from 31 January 2022 - 30 June 2022.
The Winners will be based on the scores from the qualifying entries. To keep the Giveaway fair and transparent for all participants, you will be able to see your score against the top three scorers in the competition via the Giveaway dashboard found in the Proportunity app. The scores will be updated daily.
The higher the participants' scores are, the better the chance of them winning the prizes. Participants with the following leaderboard placement at the close of the contest on 30 June 2022:
- Highest score will claim the First Prize of £25,000
- Second highest score will claim the Second Prize of £15,000
- Third highest score will claim the Third Prize of £10,000
If you do not win:
Any of the prizes above, you or your referees can still be entitled to win £250 in the form of an Amazon voucher or cash back against a Proportunity Loan.
If a Proportunity Loan application completes following a submission by an independent mortgage broker by the end of 31 December 2022 for the referee i.e.people who you have referred for the competition:
- For the referrer if you are an existing customer
- For the referee i.e. people who you have referred for the competition
Only one offer of a cash back will be granted at any point. An Amazon voucher will only be granted to the referrer if their referee has a completed Proportunity Loan application.
Everyone who qualifies to take part has an equal chance of winning.
Each Prize is based on scores, these are calculated when an action listed in the competition is completed. This activity is duly recorded and monitored in our secure integrated automated system. Each completed action’s scores will be reflected on your personal dashboard via the Proportunity app for transparency and the top highest three scorers will be announced as winners.
If you’re a Winner, you do not have to accept your Prize and reserve the right to decline it.
3. Next steps:
Following the end of the Giveaway, we will write to the potential Winners within 20 days. Please tell us if you change your postal or email address. If you have won, we will tell you how to claim your Prize, what information we need from you before you can claim the Prize and how the Prize will be paid.
If you’re a Winner we may request you to take part in promotional material. You can decline, if you do not wish to participate.
4. Other important information
The Giveaway will run from 31 January 2022 - 30 June 2022 , we reserve the right to extend this. We can do this without notifying you personally, although we will update this on our website and app.
We also reserve the right to introduce temporary promotional periods during the Giveaway and to change the way that points are allocated for the same actions during those periods in ways which will be shown on the competition dashboard.
You are not eligible for the Giveaway if you or any other person named on the mortgage are an employee of Proportunity Limited. You are also not eligible if you are someone who is engaged as a supplier, or employed by a supplier, and you are directly involved in or help with the Giveaway.
We can cancel any of the Giveaways, stop running the Giveaway, or disqualify participants beforehand where we can’t continue because of:
- a legal or regulatory issue
- a systems failure and/or
- failure by any third party or any cause beyond our reasonable control
- any entrant who does not comply with the Terms and Conditions or has acted in a manner that is fraudulent, dishonest or unjust to other entrants including hacking or deceiving
Where appropriate, if this happens we will let you know by putting a notice on our website.
If the Giveaway or Giveaway Draw cannot go ahead, or is delayed or cancelled, Proportunity will not be liable to any entrant and will not compensate them for the loss of chance or otherwise.
Proportunity accepts no responsibility for any entries that are incomplete, illegible, corrupted or fail to reach by the Closing Date for any reason.
In all matters relating to the Giveaway, our decision is final, and we do not have to respond to questions.
We may publish anonymous details of the last winner on our website.
If you do not want to take part in any future giveaways or promotions, please tell us in writing at firstname.lastname@example.org.