Generation Home (Gen H)
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Homebuying from start to finish, and beyond
Generation Home is a new lender to the Mortgage Lenders UK market. Their core value is that owning a home should be an opportunity for everyone. They have built their business to make the mortgage process simple, transparent, and fair.
What Generation Home offer
Generation Home also known as Gen H offers unique mortgage boosters. However, as they offer these boosters, they only accept applicants with a squeaky-clean credit history.
The benefits that Gen H offers are:`
Generation Home Income booster
Increase your purchasing power and become a homeowner sooner by using an income booster.
What is an income booster?
A person who cosigns on a mortgage to help you borrow a larger amount, but will not have ownership or reside in the property.
Who can be an income booster?
A family member can be an income booster such as parents, siblings, grandparents, aunts, or uncles.
Benefits of an income booster
Afford more – Include an income booster on your mortgage to increase your purchasing power and become a homeowner sooner. Income boosters can assist with monthly payments and build equity in the property, or they can be on standby if desired.
Keep first-time buyer benefits – Using an income booster does not result in higher stamp duty fees.
For a good time, not a long time – When you are ready, remove your booster and manage the mortgage on your own with the “ejector seat” option. Watch a video on Gen H ejector seat explained.
How an income booster works
Find out how much you could afford with an income booster.
Apply for a Generation Home mortgage with up to five other buyers and income boosters (with a maximum of four buyers). You can apply together as a group.
Set your monthly payments. Income boosters can contribute and accumulate property equity or remain on standby if desired.
Your income booster will be jointly responsible for the mortgage, so if you are unable to make payments, your booster will assist.
Generation Home Deposit booster
Increase your purchasing power and get your foot on the property ladder sooner by using a deposit booster.
Deposit loan – An interest-free loan, from the individual to you, which can be repaid at a later date in a simple and secure manner.
Equity loan – An investment in your property that fluctuates in value along with your home. The individual can withdraw their investment when it is convenient for both parties (subject to certain criteria).
Gift – Your income booster can also choose to provide the deposit as a gift, or convert the loan into a gift at a later time.
What is an deposit booster?
A deposit booster is when you get someone you know like a friend or family member to link their savings with your deposit. It is like a gifted deposit but works in a slightly different way.
Why deposit boost?
Many first-time homebuyers receive assistance with their deposit, and with traditional lenders, the only option is to receive a gift. However, gifters must pledge that they do not expect to be repaid, which can be uncomfortable.
With the Gen H deposit booster, there are more options available. Income boosters can often provide more support because they will receive back some money later. Additionally, parents can use the same funds to help multiple children.
Who can be an deposit booster?
Someone you know and trust who wants to assist with your deposit through various means.
How many deposit boosters can I have?
How many boosters you have is up to you – there’s no maximum.
How an income booster works
Apply for your Generation Home mortgage.
Discuss with your income booster how they would like to provide their support. You can combine a deposit loan, equity loan, and gift in any combination.
Gen H will establish a deposit booster agreement to make the arrangements official and ensure that everyone is protected.
Easily manage deposit loan repayments through your online dashboard. Income boosters who have provided an equity loan can view the current value of their investment in the property.
Generation home Dynamic ownership
Backed by a home agreement, dynamic ownership allows for fair and flexible sharing of property ownership.
Track your share – Own your home jointly with individual equity stakes, and track ownership dynamically.
Keep it safe – An investment in your property that fluctuates in value along with your home. The individual can withdraw their investment when it is convenient for both parties (subject to certain criteria).
Keep it fair – Your home agreement keeps it safe and fair. Know what’s yours and what’s theirs.
What is equity?
Equity is the portion of your home that you own outright, calculated as the property value minus the remaining balance on your mortgage.
How dynamic ownership works
Apply for your Generation Home mortgage. You and a max of 5 other people can buy together.
Gen H will ask how you would like to jointly own the property. Selecting dynamic ownership allows you to accumulate individual equity stakes.
Gen H will write up your home agreement, which is a legal document that records each person’s contributions and ownership share of the property.
If you choose an income booster – Your home agreement allows the income booster to make payments to accumulate equity in the property.
Generation Home Mortgage Rates
The Generation Home mortgage rates listed below are accurate as of 13th November 2024 and are calculated based on 60% to 95% loan-to-value ratios. Please ensure that you review your financial situation and consult with a mortgage advisor to understand how these rates may apply to your specific circumstances.
GenH 60% LTV Rates
| Initial Rate | Type | Total Fees | APRC |
|---|---|---|---|
| 5.64% | 2 year Fixed | £1499 Fee | 6.9% |
| 5.69% | 2 year Fixed | £999 Fee | 6.9% |
| 5.99% | 2 year Fixed | £0 Fee | 6.9% |
| 5.55% | 3 year Fixed | £999 Fee | 6.7% |
| 5.75% | 3 year Fixed | £0 Fee | 6.7% |
| 5.32% | 5 year Fixed | £1499 Fee | 6.4% |
| 5.35% | 5 year Fixed | £999 Fee | 6.4% |
| 5.50% | 5 year Fixed | £0 Fee | 6.5% |
GenH 70% LTV Rates
| Initial Rate | Type | Total Fees | APRC |
|---|---|---|---|
| 5.64% | 2 year Fixed | £1499 Fee | 6.9% |
| 5.69% | 2 year Fixed | £999 Fee | 6.9% |
| 5.99% | 2 year Fixed | £0 Fee | 6.9% |
| 5.55% | 3 year Fixed | £999 Fee | 6.7% |
| 5.75% | 3 year Fixed | £0 Fee | 6.7% |
| 5.32% | 5 year Fixed | £1499 Fee | 6.4% |
| 5.35% | 5 year Fixed | £999 Fee | 6.4% |
| 5.50% | 5 year Fixed | £0 Fee | 6.5% |
GenH 75% LTV Rates
| Initial Rate | Type | Total Fees | APRC |
|---|---|---|---|
| 5.64% | 2 year Fixed | £1499 Fee | 6.9% |
| 5.69% | 2 year Fixed | £999 Fee | 6.9% |
| 6.04% | 2 year Fixed | £0 Fee | 6.9% |
| 5.55% | 3 year Fixed | £999 Fee | 6.7% |
| 5.75% | 3 year Fixed | £0 Fee | 6.7% |
| 5.32% | 5 year Fixed | £1499 Fee | 6.4% |
| 5.35% | 5 year Fixed | £999 Fee | 6.4% |
| 5.50% | 5 year Fixed | £0 Fee | 6.5% |
GenH 80% LTV Rates
| Initial Rate | Type | Total Fees | APRC |
|---|---|---|---|
| 5.64% | 2 year Fixed | £1499 Fee | 6.9% |
| 5.69% | 2 year Fixed | £999 Fee | 6.9% |
| 6.04% | 2 year Fixed | £0 Fee | 6.9% |
| 5.55% | 3 year Fixed | £999 Fee | 6.7% |
| 5.75% | 3 year Fixed | £0 Fee | 6.7% |
| 5.32% | 5 year Fixed | £1499 Fee | 6.4% |
| 5.35% | 5 year Fixed | £999 Fee | 6.4% |
| 5.50% | 5 year Fixed | £0 Fee | 6.5% |
GenH 85% LTV Rates
| Initial Rate | Type | Total Fees | APRC |
|---|---|---|---|
| 6.14% | 2 year Fixed | £1499 Fee | 7.0% |
| 6.19% | 2 year Fixed | £999 Fee | 7.0% |
| 6.49% | 2 year Fixed | £0 Fee | 7.0% |
| 5.92% | 3 year Fixed | £999 Fee | 6.8% |
| 6.12% | 3 year Fixed | £0 Fee | 6.9% |
| 5.60% | 5 year Fixed | £1499 Fee | 6.6% |
| 5.63% | 5 year Fixed | £999 Fee | 6.6% |
| 5.78% | 5 year Fixed | £0 Fee | 6.6% |
GenH 90% LTV Rates
| Initial Rate | Type | Total Fees | APRC |
|---|---|---|---|
| 6.33% | 2 year Fixed | £1499 Fee | 7.0% |
| 6.38% | 2 year Fixed | £999 Fee | 7.0% |
| 6.68% | 2 year Fixed | £0 Fee | 7.0% |
| 6.19% | 3 year Fixed | £999 Fee | 6.9% |
| 6.39% | 3 year Fixed | £0 Fee | 6.9% |
| 5.87% | 5 year Fixed | £1499 Fee | 6.7% |
| 5.90% | 5 year Fixed | £999 Fee | 6.7% |
| 6.05% | 5 year Fixed | £0 Fee | 6.7% |
GenH 95% LTV Rates
| Initial Rate | Type | Total Fees | APRC |
|---|---|---|---|
| 6.39% | 2 year Fixed | £1499 Fee | 7.0% |
| 6.44% | 2 year Fixed | £999 Fee | 7.0% |
| 6.74% | 2 year Fixed | £0 Fee | 7.0% |
| 6.29% | 3 year Fixed | £999 Fee | 6.9% |
| 6.49% | 3 year Fixed | £0 Fee | 7.0% |
| 5.91% | 5 year Fixed | £1499 Fee | 6.7% |
| 5.94% | 5 year Fixed | £999 Fee | 6.7% |
| 6.09% | 5 year Fixed | £0 Fee | 6.7% |
Generation Home - FAQs
Will my income booster own the home too?
No, income boosters are not added to the property deeds. Only the owners will have ownership of the home.
When and how can I remove my income booster?
If you decide to remortgage, you may be eligible as long as you can afford the mortgage on your own and meet our eligibility requirements (which include reviewing your income and credit history).
Can my income booster be retired?
Yes, as long as the income booster meets Gen H’s age and income requirements.
Does my income booster have to make mortgage payments?
No, income boosters can either contribute or remain on standby. However, they are responsible for repayments just like any other borrower on the mortgage.
Can my income booster live in my property?
No, any applicant who will be living in the property must be added to the mortgage as an owner (not an income booster).
Can my friend be my income booster?
No, only family members (parents, grandparents, siblings, aunts, uncles, or children of someone on the application) can be income boosters. However, friends can still assist as deposit boosters.
How does a deposit or equity loan get repaid?
You and your income booster can determine a repayment plan together. Options may include making regular payments or waiting until you remortgage or sell the property.
Do deposit boosters have to be UK residents?
No, deposit boosters do not need to be UK residents as long as their funds come from a UK bank account.
What’s a deposit booster agreement?
The deposit booster agreement is a legal contract between you and the individual providing assistance. It outlines the details of their contribution, as well as the terms and conditions of repayment.
What is dynamic ownership?
Dynamic ownership is a more flexible and advanced form of a property ownership arrangement called tenants in common.
If we choose dynamic ownership, will we still own the home jointly?
Yes, you will still be joint home owners with dynamic ownership.
What’s the home agreement?
The home agreement is a legally binding document that all buyers of the property must sign and agree to. It formalises your dynamic ownership arrangement.
Can we choose dynamic ownership with any other lenders?
No, dynamic ownership is purely unique to the mortgage lender Generation Home.
What if we decided to remortgage to a different lender?
With a tenants in common arrangement, you can still have separate equity stakes, but they will not be dynamic. Each person specifies their share of the homeownership, and it remains fixed regardless of any future contributions.
Do Gen H accept mortgage applications from foreign nationals?
Yes, Gen H accepts mortgage applications from foreign nationals. The updated policy now makes it easier for individuals without indefinite leave to remain in the UK, including professionals like nurses, teachers, and entrepreneurs, to access mortgage products. This includes accepting all visa types that permit work in the UK, with no minimum time left on the visa required. Learn more here >
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Grant Humphries (CeMAP)
Grant Humphries (CeMAP) is a proficient Mortgage & Protection Adviser at YesCanDo Money. With a career spanning since 2001, Grant has honed his expertise in understanding mortgage lenders' criteria, complex financial situations, and the nuances of the mortgage market. His deep knowledge enables him to provide tailored solutions, especially for professionals and those with unique financial profiles. At YesCanDo, Grant's commitment to excellence is evident. He takes pride in guiding clients through their mortgage journey, ensuring they feel confident and informed at every step. From first-time buyers to seasoned investors, Grant's analytical approach and dedication make him a trusted adviser in the financial landscape
