You are here: Home - News -

Gen H streamlines affordability on income booster deals

  • 27/02/2024
  • 0
Gen H streamlines affordability on income booster deals
Gen H has updated how it calculates affordability for income booster cases to “simplify the application and advice process” for brokers.

Income booster is Gen H’s product that allows a family member to go onto the mortgage, so their income and retirement income can increase the amount of borrowing available.

The lender explained that before the broker had to key in specific financial contributions from boosters which would then inform the maximum loan size clients could secure.

However, the firm’s affordability calculator will now show the maximum loan size for the entire buying group and show what the lender estimates the prospective borrower can afford on their own.

The lender said that the information will “empower brokers to have important conversations around affordability with their clients, helping them to maximise their borrowing without stretching their monthly budgets”.

Gen H continued that after going through affordability, the calculator would present all application products, helping brokers find suitable deals for customers even faster.


Age limit ‘ejector seat’ calculation

The calculator will automatically include its proprietary “ejector seat” calculation, which would allow boosters to come off the mortgage before they reach the lender’s maximum age.

This could make the longer mortgage terms available that many buyers need to afford a mortgage, the lender said.

Pete Dockar (pictured), Gen H’s chief commercial officer, said: “To drive real change in the housing and mortgage markets, we need to support both our broker partners and their clients.

“By simplifying our max loan size calculation and providing all suitable products within the calculator itself, we optimise borrowing for even more aspiring homeowners and empower our broker partners to give the best possible advice. The more transparency and information we can provide, the better we’re able to serve our customers.”


Artificial Intelligence-powered processing

Gen H recently launched an AI-powered packaging tool, built on Google Cloud, that will automatically analyse and categorise documents needed for mortgage applications.

The company has also been growing its team, recently hiring Karen Appleton as its head of lending, and appointing Dane Clarke and David Jackson as business development managers.

There are 0 Comment(s)

You may also be interested in