Generation Home, the fintech mortgage lender that opened its doors in 2020, said it aimed to help younger borrowers looking to get a better residence in less time by providing loans that removed affordability and deposit hurdles while also giving parents the ability to ringfence their own assets.
Will Rice, chief executive of Generation Home, said: “Capital accumulation is the greatest challenge faced by young people, who struggle to get onto the property ladder while saving for their own retirement.”
With contributions from the so-called Bank of Mom and Dad playing a growing role in property purchases, Rice said, “Our products provide better and secure ways for families to transfer wealth to the next generation.”
The lender said its booster and fractional ownership platform delivers increased borrowing power and a “hassle-free” way for family and friends to support young homebuyers.
He added that the partners at SJP would play a central part in educating future GH customers and their parents on the options available despite rising rents and house prices.
“In a country where talking about money is considered a taboo”, he said, “we’re really pleased to be partnering with a firm which advocates talking openly about family finances.”
Paul Johnson, head of mortgages at St. James’s Place, said: “We have looked more holistically at the issues facing both first time buyers and their parents, where at times parents historically have had to disrupt their own financial planning to support a property purchase for their son or daughter.
“The products offered by Generation Home provide an alternative solution, where the property purchase is not dependent on the parents having to provide cash support.”
