"Our interest-free shared equity loan give buyers what they need: a way to top up their budget without affecting their monthly affordability."
Through its equity loan, Even aims to help first-time buyers who need help topping up their budget to buy a home. 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.
Lisa Martin, development director at TMA, commented: “Recently, the private sector has had to find creative solutions for those seeking support with their homeownership ambitions. Even brings a new and innovative product to the market, and this latest partnership will allow us to continue providing our members with a wide range of products to suit each client’s needs.”
Ben Bailey, CCO at Even, added: “Even bridges the gap for aspiring first-time buyers who just can’t save enough to get on the property ladder. Our interest-free shared equity loan give buyers what they need: a way to top up their budget without affecting their monthly affordability. We’re excited to be joining TMA, one of the UK’s leading mortgage clubs, and we can’t wait to help its members help more first-time buyers.”
