"We are proud to be partnering with a business that shares our resolute determination to help people own their own home"
Nottingham Building Society and fintech mortgage lender Generation Home (Gen H) have agreed a new funding partnership of up to £600m.
The Nottingham will provide forward-flow funding to Gen H over a minimum of two years to boost the prospects of home ownership for first-time buyers and remortgagers.
Under the agreement, The Nottingham’s funding will enable Gen H to accelerate the rollout of its mortgage products and widen the opportunity for home ownership.
Gen H estimates that around two-thirds of first-time buyers need financial help from friends or family. Its support includes income boosters from family members, deposit boosters that enable interest-free loans from friends and family, and a Home Agreement that facilitates 'dynamic ownership', similar to a tenants in common ownership setup.
William Rice, CEO of Generation Home, said: “At Gen H, we believe that owning a home should be an opportunity for everyone. That’s why we’re rebuilding the home-buying process to make it simple, transparent and fair. Our partnership with The Nottingham is a crucial step in our journey; its mutual ethos and 170-year legacy of supporting people to own their own home is a great fit with our mission.”
Sue Hayes, CEO of Nottingham Building Society, added: “We are delighted to partner with Generation Home. Our shared purpose and the depth of cultural alignment across our businesses provide us with a unique platform for success. They present a unique proposition that, with our support, can enable home ownership to become a reality, rather than a dream. Mutuality is the bedrock on which the Society has been run since its inception, and we are proud to be partnering with a business that shares our resolute determination to help people own their own home. This matters now, more than ever.”
