A new mortgage lender, Generation Home, has partnered with Twenty7Tec, to expand the distribution of its products aimed at first-time buyers.
Generation Home provides ways to buy with support from family. Family or friends can provide deposit support by way of an equity loan, and income support by going on the mortgage (up to six incomes).
It says its fractional ownership platform delivers increased borrowing power, security of funds, flexibility and a hassle-free way to buy together.
At present, Generation Home products are currently exclusive to the L&G mortgage network.
Will Rice, Generation Home’s founder and CEO, said: “Independent advice is incredibly important to first-time buyers. As Generation Home takes its first steps towards opening up fully to intermediaries, working with Twenty7Tec will mean that more intermediaries can find, access and obtain a Generation Home mortgage for their customers.
“We know from working with intermediaries that Twenty7Tec is an invaluable tool for them to source products and therefore serve their customers better.”
Nathan Reilly, director of lender relationships at Twenty7Tec, added: “Based on data available through our INSIGHT module, joint borrower, sole proprietor was the most searched piece of criteria during September.
“This clearly underlines the challenge affordability still presents for many first-time buyers and the market as a whole, so it’s encouraging to see Generation Home tackling this issue head on and working with intermediaries to help more customers take their first step onto the property ladder.”
