Even adds FTB products to Twenty7tec platform

The lender, founded last year, offers interest-free equity loans that boost FTB budgets by up to £100,000, or two times their deposit, in exchange for a percentage of any profit, or loss, when the buyer repays the firm.

Its loans, which come with profit caps and no early repayment charges, are now available to brokers who use the property technology firm’s search engine.

Twenty7tec national account manager Nakita Moss says: “Looking at our data from our INSIGHT Module, the average property value in the second quarter of this year for FTB searches was £286,217 up 14% compared to the same period a year ago.

“The average combined income was £55,579 over the second quarter of this year. The key word of course being ‘combined’ and with most lender’s loan-to-income ratios set at circa 4.5 times annual salary, this would leave joint applicants requiring at least a £35,000 deposit, making it incredibly difficult for FTB to get on the property ladder and not to mention the increasing difficulty too for sole applicants.”

“New lenders like Even are encouraging to see, offering solutions to FTBs to help them make that important step in their lives. Even offers an interest-free equity loan to boost deposits and those affected by loan-to-income constraints.”

Even chief customer officer Ben Bailey adds: “Access to homeownership is one of the biggest inequality drivers in the UK, and something we’re working hard to solve for at Even.

“We made Even to help FTBs without the luxury of the bank of Mum and Dad to get out of renting and into their first home.”