Generation Home Mortgages - A More Accessible Mortgage For First Time Buyers
Launched in 2020, Generation Home is a modern mortgage lender on a mission to make homeownership more accessible. They’ve built new ways to help First-Time Buyers onto the property ladder – from boosting affordability with an income booster, to smarter ways to get help securing sufficient deposits with deposit boosters.
If you're a First-Time Buyer struggling to get onto the property ladder, their Income Booster or Deposit Booster products could really help.
Boosters
Family support is often a crucial part of getting your deposit together, but High-Street lenders don’t offer any alternatives to gifting. Generation Home gives you options.
Income boosters
Add a family member to your mortgage.
- Add an income booster to your mortgage to boost your borrowing power.
- Your immediate family members can act as income boosters: parents, grandparents, siblings, aunts, uncles.
- How the monthly payments are divided is flexible and in your control.
- The person or people giving the income booster can contribute to the payments and build up an equity stake in the home or they can choose to be on standby.
Deposit boosters
A secure loan from family or friends.
- Deposit boosters help with your deposit through a deposit loan or an equity loan.
- A deposit loan is a simple, interest-free loan – the person or people giving the deposit boosters get back exactly what they put in. Generation Home provides the legal agreement and manages the loan repayments, all free of charge.
- With an equity loan, the person or people giving the deposit boosters get a financial interest in the property and their stake can increase or decrease in line with the property’s value.
- Deposit or equity loans can be turned into a gift, at any time.
Home Agreement
A new way to own a home.
- With the Generation Home agreement, you (and your income/deposit boosters) can own together with individual equity.
- Generation Home dynamically tracks everyone’s ownership stakes based on what they’ve contributed towards the deposit and monthly payments.
- You and your boosters can adjust who pays what every month, change bank accounts, adjust payment dates, make overpayments and more - all from your Generation Home dashboard.
