Gen H announced the launch of New Build Boost as an alternative to the Help to Buy scheme last month, allowing borrowers with a 5% deposit to access its 80% loan-to-value (LTV) mortgages, with housebuilders filling the 15% gap with a zero-interest loan.
The New Build Boost was exclusively launched with Persimmon.
Perenna will leverage its funding model to support the proposition and enable Gen H to provide the 80% LTV mortgage component.
Colin Bell, founder and COO of Perenna, said: “We are committed to creating a nation of happy homeowners, whether through our long-term fixed rate mortgage proposition, or helping fund wider innovation for hard-to-fix problems with our unique funding model. Whether it’s a high-LTV mortgage, interest-free boost loans, or any other type of innovative products, it is absolutely critical that we provide consumers with a range of options to get onto the ladder.
“We’re proud to work with Gen H and Persimmon to help bring about positive change in the sector, and help fill the hole left by the withdrawal of Help to Buy.”
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Will Rice, CEO of Gen H, added: “We have long believed that the private sector has a critical role to play in resolving the housing crisis. We’re working tirelessly to launch new products that will help unlock homeownership for everyone, but we cannot create seismic, lasting change on our own.
“It’s for this reason we’re so pleased to welcome Perenna as one of our funders as we roll out this important new mortgage scheme. Our relationship not only enables access to homeownership for real people; it highlights a growing bias to action and innovation within our industry – one that could bring about real change. We hope more partners will follow in Perenna’s footsteps, and we’re delighted to be working together.”
