Gen H – Generation Home

Gen H streamlines affordability for income booster mortgages

This change further strengthens Gen H’s income booster proposition, making it simpler than ever for brokers to find suitable products for clients in the fast-growing Joint Borrower, Sole Proprietor (JBSP) market

LONDON, UK, 27 February 2024 – After a record January for income booster business volume and enquiries, fintech mortgage lender Gen H has streamlined how it calculates affordability for income booster cases. This is best exemplified in its upgraded affordability calculator,  designed to simplify the application and advice process for brokers.

Previously, brokers had the ability to key specific financial contributions from boosters which would inform the maximum loan size available to their clients.

Now, Gen H’s affordability calculator automatically shows the max loan size for the entire buying group – whilst displaying what the lender estimates the owners can afford on their own.

Providing this critical information will empower brokers to have important conversations around affordability with their clients, helping them to maximise their borrowing without stretching their monthly budgets.

Once brokers have run affordability, Gen H’s calculator presents all applicable products, helping brokers find suitable products for their clients faster than ever.

The calculator also automatically incorporates Gen H’s proprietary “ejector seat” calculation, a market-first, which allows boosters to come off the mortgage before they reach the lender’s max age – unlocking the longer mortgage terms that many buyers need to afford a mortgage.

Gen H’s income booster allows up to 6 applicants from multiple households on a mortgage with LTVs up to 95%. Income boosters don’t need to contribute to the monthly payments unless the homeowners stop making payments. But if they choose, they can contribute and build equity in the property.