More ways to help your clients into homes:
At Generation Home we’ve built new ways to help your clients get and remain on the property ladder – from boosting their affordability with an income booster, to smarter ways for them to get deposit help with deposit boosters. These can make a huge difference to what your clients’ can borrow so don’t hesitate to test out our affordability calculator – you may be surprised.
Our features, explained:
Income booster– Income boosters are family members who go on the mortgage to boost affordability. If they contribute to payments, they can build up an equity stake in the home. We can use up to 6 incomes when calculating affordability.
Deposit booster– Deposit boosters help with the buyer’s deposit by contributing as an interest-free deposit loan, interest-free equity loan, or as a gift. A deposit loan guarantees that the booster gets back the exact amount they contributed. An equity loan guarantees the booster gets back the percentage of the purchase price they gave – this amount will go up or down as the property price changes. This way family and friends can help, while protecting their financial interests.
Dynamic ownership (powered by the Generation Home Agreement) – With dynamic ownership, buyers (and income boosters) can own together with individual equity. We dynamically track everyone’s ownership stakes based on what they’ve contributed to the monthly repayments.
Stay tuned to see how we were able to help a recent divorcee remortgage by adding an income booster!
If you have any questions, please contact Tomi, your dedicated BDM, at broker@generationhome.com or by calling 07723 954895
Test out our affordability calculator by logging into the Gen H Pro dashboard https://app.generationhome.com/brokers/sign_in
