A new mortgage lender offering a Help to Buy style scheme to first-time buyers is planning to launch before the end of the year.

The new lender, Even, will offer FTBs a second-charge equity loan to help them purchase a pre-owned property, as opposed to a new-build.

Instead of paying interest on the loan, buyers will share profit or loss with the provider. The product will also have profit caps and a no-interest repayment plan for the whole term of the mortgage.

The lender has also joined the Intermediary Mortgage Lenders Association (Imla), becoming its 59th member.

Even chief operating officer James Turford will be Imla’s representative and says:

“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.”

Imla executive director Kate Davies says: “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.”