Even’s proposition is modelled on the Help to Buy scheme, except it is only available on secondhand homes and there is no interest payable for the duration of the loan term.
Borrowers can now use an Even loan to boost their deposit then go to The Tipton for a first charge mortgage.
Even offers loans worth up to double that of a borrower’s deposit, up to a maximum of £100,000. It holds a share in the property it has offered a loan against at the point of repayment, and the value of this increases and decreases depending on price fluctuation.
There is a profit cap on Even’s share in a home.
James Turford, co-founder and COO of Even said: “Even is built for the 50 per cent 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 of The Tipton, said: “At the Tipton we’ve been 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.”