Paradigm member firms can access the lender’s interest-free equity loan, which aims to help first-time buyers get on the property ladder.
The lender started lending in February and works in a similar way to Help to Buy but is focused on second-hand properties as opposed to new builds.
Even can offer up to double the value of client’s deposit and can lend up to a maximum of £100,000.
Borrowers pay no interest on the loan for the entire term and increases or decreases its shares in the property’s value at sale or repayment.
They can also repay the loan at any time with no early repayment charge, and profit caps limit the amount the lender can take.
In an interview with this publication earlier this year, co-founder of Even Ben Bailey said that it was targeting mortgage club and networks, and lender partnerships.
More solutions for first-time buyers
Since its launch it has made a number of partnerships, including Kensington Mortgages, Finova, TMA Club, The Tipton and Coseley Building Society and Twenty7Tec platform.
Richard Howes, director of mortgages at Paradigm Mortgage Services, said that as the government’s Help to Buy scheme came to an end, the industry needed to come up with more solutions to help first-time buyers.
He added: “Bringing Even onto our panel provides our advisers with access to one such product, this time for non, new-build property – an area which has not tended to be focused on as much, but one that is clearly required.
“Even is focused on supporting advisers to help them explain the potential uses for this product and the types of borrowers it might be suitable for. We’re looking forward to working with the team at Even and to ensuring our member firms are aware of the potential solutions on offer.”
Ben Bailey, chief customer officer at Even, said: “At Even, we want to solve one of the biggest inequality drivers in the UK: access to homeownership. With rising inflation and the cost of living increasing, getting onto the ladder can feel out of reach for a lot of first-time buyers.
“We’re excited to be working with Paradigm, giving their brokers access to our product and supporting more people into their first homes.”
