Gen H has opened its Scottish distribution to all brokers on its panel, following an exclusive pilot with Mortgage Advice Bureau in February.
The expansion gives all Scotland brokers on its panel access to Gen H's income booster, along with its criteria aimed at self-employed borrowers, foreign nationals and applicants with complex income.
Gen H's approach uses latest-year income assessment rather than averaging, can accept recent trading losses, and will consider borrowers with just one year of trading history where they can demonstrate previous sector experience.
Its income booster proposition enables friends or close family to join the mortgage to boost how much the owner can borrow. They’re liable for the mortgage, but don’t have to contribute any money as long as the mortgage is in good standing. The Ejector Seat calculation removes income boosters from the mortgage when they turn 85, ensuring borrowers can get the longer terms they need to keep payments low.
Sara Palmer, sales and distribution director at Gen H, said: "Since launching in Scotland, we've seen strong demand from borrowers who don't fit traditional lending boxes. We've already supported the purchase of a home with an income boost from both parents in Glasgow, a solo contractor with less than 12 months trading in Galloway, and two foreign nationals on student and skilled worker visas setting down roots in Edinburgh – all first-time buyers. This is exactly what we're here to do. I'm very pleased to now offer our mission-driven proposition to our entire panel. Together, we're going to help a lot of people realise their dreams of homeownership in Scotland, one of the most beautiful places on Earth."
