finova Payment and Mortgage Services has announced a new partnership with equity loan provider, Even.

The new partnership will provide finova members with access to Even’s services aimed at supporting first-time buyers who may otherwise be shut out by the property market.

Even allows borrowers to purchase a non new-build property which suits their needs. Designed with features to make it fair for the customer, the loan provider can lend up to two times the borrower's deposit, up to a maximum of £100,000.

Instead of paying interest on the loan, the borrower and Even share the profits or losses relative to the deposit contribution, with Even’s share in the profit is capped.

The loan provider joins finova’s panel of over 70 lenders, offering products ranging from standard mortgages to specialist and niche lending, including residential, buy-to-let, bridging, second charge, development and equity release.

Head of Finova Payment & Mortgage Services, Melanie Spencer, commented: “We are seeing more and more people struggling to take their first step onto the property ladder. By partnering with an equity share provider like Even, we are delighted to be able to provide our brokers with an even more flexible range of tailored lending solutions to meet homebuyers’ specific needs.

“With Even’s proactive approach to helping aspiring homeowners balance their budgets, we are confident today’s partnership will deliver invaluable returns for our advisers.”

Even co-founder and COO, James Truford, added: “We look forward to working with finova Payment and Mortgage Services to fulfil our mission of helping tired renters get their foot on the property ladder and achieve their ambitions of becoming proud homeowners.

“We are excited for finova’s impressive club of brokers to have access to our products and begin assisting more borrowers getting on the housing ladder.”

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