James Turford, co-founder and chief operating officer of Even, will be IMLA’s appointed representative, bringing IMLA’s total number of full and associate members to 59.
This covers 13 associate members, including Even, as well as others including Mortgage Brain, Twenty7Tech, Proportunity, LSL Property Services and Iress.
Even was founded by Turford and fellow Nested co-founder Matt Robinson, and it said it can lend up to twice a customer’s deposit up to £100,000.
It will be focused on the pre-owned market, and it has said that the average it expects to invest is £20,000.
The product has profit caps and a no-interest repayment plan for the mortgage term. Repayment is based on the size of the initial contribution and when the property is sold Even shares in the increase or decrease in property value.
It plans to start offering loans at the end of this year.
Kate Davies (pictured), executive director of IMLA, said: “With the government clear in its ambition to end its flagship Help to Buy scheme in 2023, the impetus has been placed on the private sector to find creative solutions for those seeking support with their homeownership ambitions.
“Even brings a new and inventive concept to the market, and it is really pleasing to have this type of representation among members. We look forward to hearing more from James and the Even team at IMLA’s upcoming member events.”
Turford added: “Every day we speak to aspiring first-time buyers who feel like their dream of ownership is getting further away, not closer. We want to help them bridge the gap. So, we’ve been perfecting Even for two years to give buyers what they want: a way to top up their budget that is interest-free and fair.
“We’re excited to be joining IMLA to explore ways to help as many first-time buyers achieve their dreams as possible.”
