Even has expanded its first-charge options for customers by partnering with Tipton & Coseley Building Society.
Even is an interest-free equity loan designed to solve not only the problem of low deposits, but also of affordability for first-time buyers.
Would-be homeowners can borrow up to 2 times their deposit (with a maximum loan size of £100,000), enabling them to get onto the ladder sooner — and at a lower first charge LTV.
Instead of charging interest, Even shares the increase or decrease in the price of the property at the point of repayment.
This can be through sale, repayment, or in chunks of as little as 10% of the outstanding loan balance.
Features like profit caps on Even’s share in any increase in the property’s value, and no Early Repayment Charges keep the product fair for its members.
Tipton and Even’s partnership aims to help many more buyers take their first step on the ladder.
James Turford, co-founder and COO of Even said: “Even is built for the 50% 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 & Marketing Director of Tipton & Coseley Building Society said: “At the Tipton we’ve being 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. “
