The income booster range will initially be available exclusively through Mortgage Advice Bureau (MAB).
Gen H said the income booster range would address one of Scotland’s “most persistent challenges”, as borrowers who can afford monthly repayments can fail “traditional income-multiple affordability assessments”.
The income booster deal gives advisers an alternative to guarantor mortgages, gifted deposits and family structures.
The product increases an individual’s borrowing power by adding a family member or friend as a non-resident co-borrower. Their income, including retirement income, is used to increase the amount that someone can borrow.
Income boosters are not guarantors and don’t have to pay money as long as the money is in good standing.
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The firm noted that 92% of boosters never pay anything toward the mortgage.
Gen H stated that, on average, first-time buyers with an income booster get onto the ladder five years earlier than those without.
Sara Palmer (pictured), sales and distribution director at Gen H, said: “We hear a lot about the housing crisis in England, but affordability is one of the most pressing challenges facing aspiring homeowners in Scotland too.
“Many people can afford the monthly repayments – often paying as much in rent – yet are blocked by traditional income assessments.
“By launching in Scotland and bringing income booster to the market, we’re giving brokers a practical way to help more clients buy sooner, while ensuring family support can be used in a transparent, safe and fair way.”
Rachel Geddes, strategic lender relationship director at MAB, added: “It’s fantastic to see the mortgage market evolving across Scotland, an area that has been under-served by new lending propositions for too long.
“Having listened carefully to broker feedback, the need for a proposition that truly addresses the needs of Scottish clients is in high demand. A critical gap identified was the lack of flexibility, particularly around enhanced borrowing power options. This is exactly where Gen H comes in. Their highly anticipated launch into the Scottish market is specifically designed to fill that gap.
“This partnership enables us to support Scottish businesses and their clients directly, and we’re incredibly excited to be launching this exclusively to MAB brokers. We strongly encourage other lenders to join us in adopting a more flexible, client-focused approach to better serve the Scottish property market.”
Gen H recently expanded 95% lending to self-employed and added part and part mortgages at 95% loan to value (LTV).
