TMA Club has partnered with Even, an interest-free equity loans provider for first-time buyers, to expand its broker panel.

Even aims to help first-time buyers who need help topping up their budget to buy a home.

The lender’s product is modelled on the help-to-buy scheme but for people who prefer a pre-owned property.

Through the partnership, directly authorised brokers who are members of TMA will have access to Even’s first-time buyer product.

Even’s product will lend up to 2x the deposit with an equity loan, borrowers will pay no interest for the entire loan term (up to 35 years) and profit caps include 2x the original loan for the first 10 years, which then increases to 3x.

In addition, there are no minimum term or early repayment charges, and the lender shares the increase or decrease in value based on the contribution relative to the borrower.

TMA development director Lisa Martin says: “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.”