Even has announced that customers can start to use their interest-free equity loan with a Kensington mortgage to make homeownership more accessible.
The loan includes features designed to be fair for customers, such as profit caps and a no-interest repayment plan for the whole term of the mortgage.
Even’s mission is to end generation rent. With two million fewer homeowners aged 24-34 in the UK today than there were a generation ago, the Even equity loan is perfectly placed to help those without access to the bank of mum and dad.
Even is the only interest-free equity loan designed to not only solve the problem of low deposits, but also of affordability for first-time buyers, loaning up to two times their deposit.
Instead of paying interest, Even shares the increase or decrease in the price of the property at the point of repayment, either through sale, or in smaller chunks.
First-time buyers can now use the Even equity loan in combination with a Kensington mortgage, the first lender on the market to offer this.
James Turford, co-founder of Even and COO, said: “Our company mission is to help end generation rent, and we’ve been working on the Even equity loan for two years as the first step toward that goal.
“Today, we’re delighted to launch our innovative product with Kensington, opening the door to a whole generation of homeowners, helping them get onto the property ladder sooner.
“What has especially impressed us about Kensington was not only their amazing track record as specialist lender of the year, but also the way in which they embrace innovation, and moved quickly to follow through on the promise helping those who would otherwise have no option to buy.”
Craig McKinlay, new business development Director at Kensington, added: “Kensington is delighted to be partnering with Even.
“Their innovative solution to help generation rent get on the housing ladder fits perfectly with Kensington’s goal as a specialist lender to help those who struggle to get a mortgage from mainstream lenders”
