Even is a help-to-buy style scheme aimed at first-time buyers who prefer to buy pre-owned properties.
IMLA now has a combined total of 59 full and associate members, spanning a range of banks, building societies, non-bank lenders and mortgage service providers.
Even will offer a second charge equity loan aimed at helping would-be buyers needing to top up their budget to be able to purchase a pre-owned property.
The loan is interest-free, as instead buyers share any profit or loss with the provider.
Other product features include profit caps and a no-interest repayment plan for the whole term of the mortgage.
James Turford, co-founder and COO, will be Even’s appointed IMLA representative.
Kate Davies, executive director of IMLA, said: “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.”
Turford said: “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.”
