TMA Club has today announced a partnership with Even, who provide interest-free equity loans for first-time buyers, as it continues to expand and strengthen its broker panel.
Through their equity loan, Even aims to help first-time buyers who need help topping up their budget to buy a home.
Modelled on the popular Help to Buy scheme, but for those who prefer a pre-owned property, Even is interest-free for the entire duration of the loan. Instead, Even shares any increase or decrease in the home’s value with the buyer.
Product features include caps on Even’s share of any profit, no early repayment charges and allowing the homeowner to keep any increase in value from structural renovations.
Through the partnership, Directly Authorised (DA) brokers who are members of TMA will have access to Even’s specialist first-time buyer product.
Example highlights of the partnership for TMA brokers include:
- Even can lend up to 2x the deposit with an equity loan
- No interest to be payable for the entire term of the loan – up to 35 years
- Profit caps – 2x original loan for first 10 years, then 3x
- No minimum term and no early repayment charges
- Even shares the increase, or decrease, in value based on their contribution relative to the borrowers’
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, CCO, Even, added: “Even bridges the gap for aspiring first-time buyers who just can’t save enough to get on the property ladder.
“Our interest-free shared equity loan give buyers what they need: a way to top up their budget without affecting their monthly affordability.
“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.”
