TMA Club has announced a partnership with Even, which provides interest-free equity loans for first-time buyers.
Through its equity loan, Even aims to help first-time buyers who need help topping up their budget to buy a home. Modelled on the 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.
Lisa Martin (pictured), 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 of 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.”