Generation Homes

maz052

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

K_S

@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.