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.
low, 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.
Pete Dockar, Gen H Chief Commercial Officer, said
“To drive real change in the housing and mortgage markets, we need to support both our broker partners and their clients. By simplifying our max loan size calculation and providing all suitable products within the calculator itself, we optimise borrowing for even more aspiring homeowners and empower our broker partners to give the best possible advice. The more transparency and information we can provide, the better we’re able to serve our customers.”
Notes for Editor
Gen H is a fintech mortgage lender founded in 2019 with the goal of helping everyone become a homeowner. Gen H takes a customer-first, tech-led approach to lending, prioritising fair prices, flexible criteria and exceptional customer service for a seamless and supportive borrowing experience. Products are available online and through select clubs and networks such as the Legal & General Mortgage Club, PRIMIS, TMA Club, The Openwork Partnership and Simply Biz Mortgages.
Gen H is authorised and regulated by the Financial Conduct Authority. Our Financial Services Register number is 921355.
Gen H’s income booster feature tackles the challenge of affordability, and the lender’s unique ability to extend the mortgage term beyond their maximum lending age has provided a revolutionary solution to the challenges of a Joint borrower Sole Proprietor mortgage.