Launched by husband and wife duo Will Rice and Sophia Guy-White in 2020, Generation Home offers its customers an alternative route to home ownership with the support of family or friends.
Family and friends of borrowers are able to either contribute to the deposit and acquire a share of the property or act as a guarantor and help with mortgage payments if needed.
At the end of last year, Generation Home said it wanted to become a “whole of market proposition” in 2022 and increase its intermediary led business to 80 per cent of its activity.
Richard Merrett (pictured), head of strategic development at SimplyBiz Mortgages, said the firm was “delighted” to partner with Generation Home. He said “innovative” lenders and products were unlocking the market for people who usually struggled to get on the property ladder.
He added: “We strive to bring our member firms solutions to meet more of their clients’ requirements and, whilst we are just in the early stages of this partnership, we have already seen overwhelming interest in Generation Home’s proposition.
“We look forward to seeing how the relationship builds further on our objective of delivering of better consumer outcomes across the market.”
Will Rice, CEO of Generation Home, added: “Capital accumulation is the greatest challenge faced by young people, who struggle to get onto the property ladder while saving for their own retirement. Through our products, not only are we providing better ways for families to lend a hand but also making it possible for millions to do this where they couldn’t before.
“Our partnership with SimplyBiz Mortgages will give us access to a broad and engaged community of advisers, helping thousands more aspiring homeowners realise their dream of home ownership.”