“We are proud to partner with the team at Even to bring this innovative solution to our partner brokers, helping the next generation of homebuyers access the property ladder.”
First-time buyers can buy their home with just a 7% down payment using an Even equity loan and a Tipton mortgage.
On the model of the purchase assistance program, but for those who prefer a second-hand property, Even is interest-free for the duration of the loan. Instead, Even shares any increase or decrease in home value with the buyer. Product features include caps on Even’s share of any profit, no prepayment charges, and allowing the owner to retain any increase in value from structural renovations.
Even can lend up to 2x the deposit with an equity loan with no interest payable for the life of the loan, up to 35 years.
Earnings from Even are capped at twice the original loan for the first 10 years, then 3x, with no minimum terms or prepayment charges.
James Turford, co-founder and COO of Even said: “Even is designed for the 50% of aspiring home buyers who don’t have access to Mom and Dad’s bank. We are delighted to partner with Tipton, our first construction company, and are impressed with how quickly they have supported our innovative product. We look forward to providing more options for people looking to get into their first home.
Jason Newsway, Director of Sales and Marketing at Tipton, added: “At Tipton, we’ve been empowering people to own their own home at all stages of life for 120 years, and we’re proud to partner with the Even team to bring this innovative solution to our broker partners, helping the next generation of homebuyers on the property ladder.”