Twenty7tec has announced that new lender to the mortgage market, Even, has added its mortgage product range to the Twenty7tec SOURCE module.
Even’s products and criteria will now be available to all users of the mortgage technology provider’s platform.
This includes the lender’s interest-free deposit booster offering, which enables first-time buyers with either small deposits or incomes to get onto the property ladder. Even can lend buyers up to twice their deposit interest-free in exchange for a percentage of any profit, or loss, when the buyer repays the lender.
Twenty7tec national account manager, Nakita Moss, highlighted data from the firm’s INSIGHT Module, showing that the average property value in Q2 2022 for first-time buyer searches was £286,217, a figure up 14% compared to Q2 2021.
“The average combined income was £55,579 over Q2 2022,” Moss said. “The key word of course being 'combined' and with most lenders LTI being circa 4.5 x annual salary, this would leave joint applicants requiring at least a £35,000 deposit, making it incredibly difficult for first-time buyers 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 first-time buyers to help them make that important step in their lives. Even offers an interest-free equity loan to boost deposits and those affected by LTI constraints. We are delighted to be working with the team at Even to bring new solutions to our platform, allowing intermediaries to identify the best solutions for their clients.”
Even chief customer officer, Ben Bailey, added: “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 first-time buyers without the luxury of the bank of Mum and Dad to get out of renting and into their first home.
“We’re excited to be partnering with Twenty7Tec to offer brokers on their sourcing platform to identify great solutions for their clients – and helping more people onto the ladder.”
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