Legal & General now has a 18.75 per cent stake in the business and will take a seat on the board alongside Mithril Capital’s Peter Thiel and Firstminute Capital’s Brent Hoberman.
The lender said that the funding would be used to “support the growth of the business as its commercial proposition expands”.
Legal & General said that it would support Generation Home’s ambitions to become a “one-stop-shop for homebuying expertise” and it would lend the expertise of Legal & General Mortgage Services.
Generation Home and Legal & General said that they would work together to bring out innovative mortgage products and technology solutions, and this would meet the needs of underserved existing and aspiring homeowners.
Generation Home was launched in 2019 and began trading in October 2020. It offers income booster, deposit booster and dynamic ownership products.
The lender said that since its launch it has helped thousands of prospective homeowners get on the property ladder.
In October, the firm brought out Gen H Legal which provides conveyancing services
Generation Home: ‘Rebuilding the homebuying process’
Will Rice, co-founder and CEO of Gen H, said: “At Generation Home, we believe that owning a home should be an opportunity for everyone. That’s why we’re rebuilding the homebuying process to make it simple, transparent and fair.
“We’re excited to welcome Legal & General as a new shareholder and look forward to working with them towards our shared vision of an exceptional end-to-end home-buying service that truly puts the customer first.”
Wian Pieterse, managing director of fintech at Legal & General, said: “We have been very impressed with Generation Home and we are confident that their innovative products and technology can help intermediaries and lenders improve outcomes for end consumers.
“Legal & General plays a significant role in the homebuying and financing ecosystem and we intend to work closely with the Gen H team to deploy our expertise and help many more customers trying to buy or refinance a home.”
At the end of August, Mortgage Solutions reported that Generation Home has become a member of the Intermediary Mortgage Lenders Association.
