Building society The Nottingham has partnered with FinTech mortgage lender Gen H, also known as Generation Home, to boost home ownership.
The deal will see the Nottingham provide up to £600m over a minimum of two years, in an effort to boost the prospects of home ownership for first-time buyers and remortgagers. The deal, according to The Nottingham reflects a shared commitment to transform the housing market and make home ownership a reality for millions more people.
Founded in 2019, Gen H set out with the mission to make everyone a homeowner.
The company began trading in October 2020 and its innovative mortgage products have since helped thousands of aspiring homeowners take their first step onto the property ladder.
Gen H estimates that around two-thirds of first-time buyers need financial help from friends or family and the company seeks to solve this problem through tailored solutions that broaden and simplify access to home ownership.
These include income boosters that help customers borrow more, deposit boosters that enable interest-free loans from friends and family, and a unique Home Agreement that facilitates dynamic ownership of homes.
The Nottingham’s Sue Hayes said, “We are delighted to partner with Generation Home. Our shared purpose and the depth of cultural alignment across our businesses provide us with a unique platform for success.
“They present a unique proposition that, with our support, can enable home ownership to become a reality, rather than a dream. Mutuality is the bedrock on which the Society has been run since its inception, and we are proud to be partnering with a business that shares our resolute determination to help people own their own home. This matters now, more than ever.”
William Rice, CEO, Gen H (Generation Home) added, “At Gen H, we believe that owning a home should be an opportunity for everyone. That’s why we’re rebuilding the home-buying process to make it simple, transparent and fair. Our partnership with The Nottingham is a crucial step in our journey; its mutual ethos and 170-year legacy of supporting people to own their own home is a great fit with our mission.”
Recently, Bilt Rewards, a consumer brand for renters, raised $150m to expand its loyalty programme and credit card product.
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