A lender that is soon to launch Help to Buy style mortgages for first-time buyers, Even, has become the latest associate member to join the Intermediary Mortgage Lenders Association (IMLA).
Even will offer a second charge equity loan aimed at helping prospective buyers needing to top up their budget to be able to purchase a pre-owned property. This loan is interest-free and instead buyers share any profit or loss with the provider.
Other product features include profit caps and a no-interest repayment plan for the whole term of the mortgage.
IMLA executive director, Kate Davies, commented: “With the government clear in its ambition to end its flagship Help to Buy scheme in 2023, the impetus has been placed on the private sector to find creative solutions for those seeking support with their homeownership ambitions.
“Even brings a new and inventive concept to the market, and it is really pleasing to have this type of representation among members. We look forward to hearing more from James and the Even team at IMLA’s upcoming member events.”
Co-founder and COO, James Turford, has been confirmed as Even’s appointed IMLA representative.
He added: “Every day we speak to aspiring first-time buyers who feel like their dream of ownership is getting further away, not closer. We want to help them bridge the gap. So, we’ve been perfecting Even for two years to give buyers what they want: a way to top up their budget that is interest-free and fair.
“We’re excited to be joining IMLA to explore ways to help as many first-time buyers achieve their dreams as possible.”
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