Here is the latest release from Gen H (Generation Home). To view our products or for more information and tools you need to control and develop your business, visit our website here or contact the Brilliant Solutions team.
Announcement
Gen H announces improved adverse credit criteria
The fintech lender’s criteria updates follows the introduction of Experian Boost into its credit decisioning, helping make homeownership more accessible for more people
LONDON, 29 January 2024 – Gen H has announced changes to its credit criteria that will materially improve mortgage accessibility for aspiring homeowners.
Between the rising cost of house prices, the relative stagnation of wages and the archaic financial hurdle that is stamp duty, aspiring homeowners have enough working against them.
An accidental missed payment on an otherwise clean record shouldn’t prevent hardworking people from finding their place on the property ladder.
To this end, Gen H is:
- Increasing its allowable default limit in the past 3 years from £100 to £300,
- Reducing its maximum missed payment policy to the last 2 years instead of the last 3 years, and
- Reducing its missed payment review period for new-build properties at 90% LTV and all other properties at 95% LTV from 3 years to just 6 months. Standard lending requirements will apply after this point.
Rare missed payments are not fair indicators of financial irresponsibility, and these changes should enable more people to get the mortgage they need sooner.
These changes follow on from the lender’s innovative implementation of Experian Boost within its credit decisioning model. A handful of other lenders incorporate Experian Boost into their processes, but Gen H is one of just a few to take an applicant’s boosted score as their official credit score.
Since launch, a fifth of people who’ve signed up to Experian Boost are now able to get a mortgage or extend their high-LTV borrowing options with Gen H.