Paradigm Mortgage Services has announced the appointment of Even to its lender panel.
Paradigm member firms can now have access to Even’s interest-free equity loan, built to help first-time buyers out of renting and into homeownership.
Even is available on second-hand properties only – no new-builds – with Even able to lend up to two times the client’s deposit, interest-free, up to a maximum of £100k.
The borrower pays no interest on Even’s loan for the entire term. Instead of charging interest, Even shares in the increase (or decrease) in the property’s value at sale, or repayment.
Borrowers can repay Even at any time, with no ERCs, and profit caps limit the amount of upside Even can take.
Even has a range of resources available to advisers at joineven.com/for-brokers, including: full details on lending criteria; bespoke calculators for affordability and sale outcomes; a quick calculator showing how much it could lend; information on how to explain the product to customers and access to their BDM.
Richard Howes (pictured), director of mortgages at Paradigm Mortgage Services, said: “As we move forward, and as we see the end of the government’s Help to Buy scheme, the industry needs to come up with its own solutions in order to help first-time buyers secure a place on the property ladder.
“Bringing Even onto our panel provides our advisers with access to one such product, this time for non, new-build property – an area which has not tended to be focused on as much, but one that is clearly required. Even is focused on supporting advisers to help them explain the potential uses for this product and the types of borrowers it might be suitable for.
“We’re looking forward to working with the team at Even and to ensuring our member firms are aware of the potential solution on offer.”
Ben Bailey, chief customer officer at Even, added: “At Even, we want to solve one of the biggest inequality drivers in the UK: access to homeownership. With rising inflation and the cost of living increasing, getting onto the ladder can feel out of reach for a lot of first-time buyers.
“We’re excited to be working with Paradigm, giving their brokers access to our product and supporting more people into their first homes.”
