Nottingham Building Society and fintech mortgage lender Generation Home (Gen H) have agreed a new partnership of up to £600m.
The society will provide forward-flow funding to Gen H over a minimum of two years to boost the prospects of homeownership for first-time buyers and those looking to remortgage.
Under the agreement, The Nottingham’s funding will enable Gen H to accelerate the rollout of its suite of mortgage products. The agreement marks a milestone for both parties, as Gen H’s first building society funding partner, and The Nottingham’s first key partnership in support of its new purpose-driven strategy.
Gen H was founded in 2019 and the company began trading in October 2020, with its mortgage products having since helped thousands of aspiring homeowners take their first step onto the property ladder.
The lender has estimated that around two thirds of first-time buyers need financial help from friends or family, and seeks to solve this problem through tailored solutions that broaden and simplify access to homeownership. These include income boosters that help customers borrow more, deposit boosters that enable interest-free loans from friends and family, as well as a home agreement that facilitates dynamic ownership of homes.
Gen H CEO, William Rice, said: “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.”
CEO at Nottingham Building Society, Sue Hayes, added: “We are delighted to partner with Gen H. 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.”
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