Even’s proposition has been modelled on the Help to Buy scheme and offers borrowers a loan to boost their deposit. It can give loans up to double a borrower’s deposit at a maximum of £100,000.
The loan is interest-free for the entire duration and there are no early repayment charges.
The value of Even’s share in the property increases and decreases depending on how this changes.
There is a cap on how much profit Even can make from its share and the homeowner keeps all increases in value from structural renovations.
Lisa Martin, development director at TMA, said: “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 (pictured), 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.
“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.”