"We believe that the mortgage advice community will play a critical role in educating their clients about the benefits of the Generation Home proposition."
Generation Home launched in October 2020 and offers joint borrower sole proprietor mortgages, allowing family or friends to provide support by way of interest free deposit loans and income boosters.
Generation Home's JBSP proposition enables up to six people on the mortgage, including adding ‘income boosters’ and/or ‘deposit boosters’.
Through the partnership, TMA members will have access to Generation Home’s range of specialist products. Its 95% LTV mortgages enable a family member to be a deposit booster, providing the full 5%, and an income booster to help increase affordability for the owner-occupier.
The 'Ejector Seat' feature allows parents to help without their age limiting the allowable term for the mortgage and self-employed applicants require just one year of accounts if there is an employed person on the application.
Generation Home allows 5x income multiples up to 85% LTV where the owner-occupier is employed.
Lisa Martin, development director at TMA, commented: “We are proud to be offering Generation Home’s products to our DA intermediaries in a move which further strengthens TMA’s offering for first-time buyers. First-time buyers are finding it increasingly difficult to get onto the housing ladder with rising living costs and house prices rising disproportionately to wages, so Generation Home is providing much-needed support for these homebuyers. This latest partnership will allow us to continue providing our members with a wide range of products to suit each client’s needs.”
Will Rice, CEO of Generation Home, said: “Affordability remains the biggest barrier to entry for people trying to get onto the property ladder. We have created unique solutions to enhance a client's affordability and tackle this very issue, unlocking the ability to own a home for many more people.
“We believe that the mortgage advice community will play a critical role in educating their clients about the benefits of the Generation Home proposition. We look forward to working with TMA’s extensive network of engaged brokers.”
