Paradigm member firms will have access to Even’s interest-free equity loan from today.
Even is only available on second-hand properties only, with Even able to lend up to two times the client’s deposit, interest-free, up to a maximum of £100k.
The borrower pays no interest on Even’s loan throughout the term - instead, Even shares in the increase or decrease in the property’s value at sale, or repayment.
Products have no ERCs, and are subject to profit caps to limit what Even can take..
Richard Howes, Director of Mortgages at Paradigm Mortgage Services, commented:
“As we move forward, and as we see the end of the Government’s Help to Buy scheme, the industry needs to come up with its own solutions in order to help first-time buyers secure a place on the property ladder. Bringing Even onto our panel provides our advisers with access to one such product, this time for non, new-build property – an area which has not tended to be focused on as much, but one that is clearly required. Even is focused on supporting advisers to help them explain the potential uses for this product and the types of borrowers it might be suitable for. We’re looking forward to working with the team at Even and to ensuring our member firms are aware of the potential solution on offer.”
Ben Bailey, Chief Customer Officer at Even, said:
“At Even, we want to solve one of the biggest inequality drivers in the UK: access to homeownership. With rising inflation and the cost of living increasing, getting onto the ladder can feel out of reach for a lot of first-time buyers. We’re excited to be working with Paradigm, giving their brokers access to our product and supporting more people into their first homes.”
