We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
The MSE Forum Team would like to wish you all a Merry Christmas. However, we know this time of year can be difficult for some. If you're struggling during the festive period, here's a list of organisations that might be able to help
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Has MSE helped you to save or reclaim money this year? Share your 2025 MoneySaving success stories!
Generation Homes
maz052
Posts: 2 Newbie
Hello all, I am concerned! A relative- single, retired home owner has agreed to become of the 'friends' to support a young couple buy their first home. Does anyone know anything about Generation Homes? It's a new company ( apparently) but it strikes me that basically the relative will be a guarantor although the company don't appear to use this term. Any guidance and thoughts will be gratefully received. Thank you Maz
0
Comments
-
@maz052 They are a new lender so regulated and all that just like any other.
As part of the buying process your relative is required to get Independent Legal Advice at which point they will be appraised of their rights and obligations as an "income booster" or "deposit booster" (it isn't clear from your post which one it is).
The website makes it very clear that Income boosters are "liable for the mortgage, just like the other borrowers" and I expect that will be reinforced during the advice process and the ILA.I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.9K Banking & Borrowing
- 253.9K Reduce Debt & Boost Income
- 454.7K Spending & Discounts
- 246K Work, Benefits & Business
- 602.1K Mortgages, Homes & Bills
- 177.8K Life & Family
- 259.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards