How does
Even
work?
Find out how much Even could lend you, what it costs and the ways you can pay us back.
How much can Even lend?
You need a minimum of 5% deposit of your intended purchase price. The amount we can lend to you is:
Up to two times your deposit
Up to a maximum of £100,000
How does Even make its money?
We split any increase or decrease in value in the property when you repay. Our share is based on our loan contribution relative to your deposit.
In this example, Even’s loan is 50% of the total deposit of £20,000. So Even’s share of profit (or loss) is 50% at repayment.
What if…
Prices go up a lot?
We cap our profit at two times our original loan amount if you repay within ten years (three times after ten), meaning you get a bigger share.
Prices go down?
It’s only fair that if we take an increase in value, we also share in the pain if prices go down (restrictions apply, see below for details)
When don't Even share the loss?
If you pay us back within six years without selling the property (for example, by remortgaging).
If you sell and our share of the loss is more than your outstanding Even balance (we write off the loan, but don't cover further loss).
How do I repay the Even loan?
We're here to help you on the ladder, not stick about forever. We've made it easy to repay your loan with no early repayment charges - ever!
Pay back a little bit of your loan each month
Even's loan is interest-free, but we ask you to pay back the initial amount in small monthly repayments, matching the length of your main mortgage.
Pay back in chunks
If you want, you can pay us back in chunks of as little as 10% at a time. Each time you do, we adjust our share of equity in the property so you grow your share.
Pay back when you sell
You can even wait to pay us back until you sell the property, but you must do so at the point of sale.
What are the fees to use Even?
Application fee
To cover the costs of our credit and affordability checks, refundable if we can’t help you.
of the loan amount
5% of the loan amount is due at purchase, or you can add it to your loan if you prefer.
Share of increase or decrease in value
When you repay the loan, we share any change in the value of the property compared to the purchase price.
Representative example:
As an example, if you purchase a property worth £250k with £17.5k deposit and £17.5k Even Equity Loan and prices increase by 9.3%* each year, your property will be worth £466k after 7 years. If you repay the loan in full at this point, you benefit from your £179k share of the £216k upside in the property value while Even receives £37k plus the outstanding loan amount. The total amount paid to Even will be £55k (including fees) giving an APRC of 19.0%. (This example assumes a mortgage term of 30 years, monthly repayments of £51 and that the product fee is added to the loan.)
*equivalent to current UK CPIH
The actual APRC will vary greatly depending on property price growth at the time you pay back. The table below shows how the APRC would vary in the example above at different rates of annual price growth:
This is an overview of how the Even equity loan works, get in touch to get the full picture.
