The new partnership will offer a 'DIY alternative' for both first-time buyers and developers as the government-funded scheme nears its end.
Launched and FCA licensed in September 2020, Generation Home launched its product portfolio through a small pilot scheme involving 40 advisers. Mortgage Advice Bureau was the first mortgage intermediary to secure access to Generation Home’s product range, and the first network to go live across its distribution.
The mortgage provider has brought several features to market, including a ‘deposit booster’ that allows friends and relatives to invest in a property alongside the homeowner, upfront and interest free, and an ‘income booster’ feature, which supports affordability by making it possible to add immediate family members to a mortgage.
Generation Home’s product portfolio will now be accessible through MAB New Homes specialist brokers.
Mobeen Akram, New Homes Account Director at MAB New Homes said:
“Since 2013, buyers of new homes have been able to benefit from the hugely popular Help to Buy equity loan schemes. As the government prepares to exit the scheme in 2023, it is encouraging to see the industry working with the private sector to offer alternative ways that buyers with low deposits or limited income can still achieve home ownership.
“MAB are at the forefront of bringing these various initiatives to market, and our partnership with Generation Home perfectly complements our proactive strategy to engage with new and innovative solutions to support first time buyers and builders.”
Will Rice, Founder and CEO at Generation Home said:
“The Help to Buy scheme has shown that first-time buyers are an underserved segment of the mortgage market. With the scheme coming to an end, it is important to provide additional support and alternative solutions. There is a huge untapped market of people with non-traditional funding arrangements, and we are proud to be serving that demographic with a unique solution.”
