"We’re proud to be partnering with Even team to offer this innovative solution to our broker partners, helping the next generation of homebuyers onto the property ladder."
First-time buyers can buy their home with just a 7% deposit using an Even equity loan and a Tipton mortgage.
Modelled on the Help to Buy scheme, but for those who prefer a pre-owned property, Even is interest-free for the entire duration of the loan. Instead, Even shares any increase or decrease in the home’s value with the buyer. Product features include caps on Even’s share of any profit, no early repayment charges and allowing the homeowner to keep any increase in value from structural renovations.
Even can lend up to 2x the deposit with an equity loan with no interest to be payable for the entire term of the loan, up to 35 years.
Even's profit is capped at twice the original loan for first 10 years, then 3x, with no minimum term or early repayment charges.
James Turford, co-founder and COO of Even said: “Even is built for the 50% of aspiring first-time buyers who don’t have access to the Bank of Mum and Dad. We’re thrilled to be partnering with Tipton, our first building society, and are impressed with how quickly they’ve moved to support our innovative product. We’re looking forward to offering more options for people to get into their first homes.”
Jason Newsway, sales and marketing director at the Tipton, added: “At the Tipton we’ve being enabling people to own their own home at all stages of life for 120 years, and we’re proud to be partnering with Even team to offer this innovative solution to our broker partners, helping the next generation of homebuyers onto the property ladder."
