As a result, Finova members will have access to Even’s interest-free equity loans. The loans are aimed at providing first-time buyers with help in accessing the housing market. Even lends up to double the borrower’s deposit, capped at a maximum of £100,000. Instead of being charged interest on the loan, the borrower and Even then share the profits or losses of any change in the property’s value.
Melanie Spencer (pictured), head of Finova Payment and Mortgage Services, said that by partnering with an equity loan provider like Even, its brokers would enjoy a broader and more flexible range of lending options.
She continued: “With Even’s proactive approach to helping aspiring homeowners balance their budgets, we are confident today’s partnership will deliver invaluable returns for our advisers. This is part of our unwavering ambition to provide brokers with all the tools they need to grow their business and increase client engagement.”
The move comes a week after Even partnered with Kensington Mortgages, the first lender that it has aligned with. It has already joined the Intermediary Mortgage Lenders Association (IMLA) as an associate member.
