finova Payment and Mortgage Services partners with Even, the only interest-free equity loan provider
finova Payment and Mortgage Services has today announced its partnership with equity loan provider, Even, as it continues to expand and diversify its offering for brokers.
Through the new partnership, finova Payment and Mortgage Service members will have access to Even’s unique services as the only interest-free equity loan provider, aimed at supporting first-time buyers who may otherwise be shutout by the property market.
Even gives borrowers the freedom to purchase a non new-build property which suits their needs. Designed with features to make it fair for the customer, Even can lend up to 2x 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. (Even's share in the profit is capped).
Key highlights of the partnership include:
- Even lends up to two times the borrower’s deposit, to a maximum of £100,000
- Even doesn't charge any interest for the whole term of the loan up to 35 years
- Even shares profits or losses based on its contribution relative to the borrower’s deposit, capped at 2x the original loan amount before 10 years and 3x after 10 years
Even joins finova Payment and Mortgage Services impressive panel of over 70 lenders, offering products ranging from standard mortgages to specialist and niche lending, including residential, buy-to-let, bridging, second charge, commercial and development, equity release and more.
Melanie Spencer, Head of finova Payment & Mortgage Services, comments:
“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. This is part of our unwavering ambition to provide brokers with all the tools they need to grow their business and increase client engagement.”
James Truford, Co-founder & COO at Even, 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. Both the brokers and their clients will benefit from the high service standards and strongly customer aligned outcomes in which we specialise at Even.”