Generation Home

Threebabes

Hi has anyone came across generation home and any views please.

canaldumidi

This??

https://www.generationhome.com/

They are at least FCA regulated.

RAS

Mortgage rates are rather high, even if they are no fee.

Amworking138

We’re in the process of applying for a mortgage with them – valuation done, just waiting for an issue flagged during the valuation (wall ties) to be surveyed. Definitely not the cheapest rates, but I’m a self-employed (sole trader) FTB, and this seemed like the quickest/least hassle option. We’ll take a more moneysaving approach when we remortagage in five years…

FTB, so obviously no personal experience to compare it with, but the communication has all been very good so far, and the application has been processed reasonably quickly, I think: application submitted 11 May, initial chat with advisor 14 May (could have been earlier, but this was earliest we could do), initial underwriting done 17 May, valuation 24 May, phone call to discuss valuation/request survey reports on 26 May. Just waiting for the survey report later this week.

All pretty stress-free so far, although curious to see what Generation Home do if report suggests work needs doing to the house (it probably does, but not urgently).  

[Deleted User]

I had a quick look at the site and I see they by default give you a quote with an "income booster", which it turns out is just someone willing to go on the mortgage with you but not actually live there.

Obviously you need someone with significant income and who is willing to take on the debt, and the liability. If you default they will be jointly liable for that mortgage.

That seems like madness to me. They are giving you a massive mortgage that you clearly can't afford on your own, and roping someone else in so that THEY are covered when you default, but you and the "income booster" are on the hook for any costs. The monthly payments are going to be huge compared to your salary, certainly well into housing poverty territory.

K_S

Threebabes said:

Hi has anyone came across generation home and any views please.

@threebabes They're a legit lender, slowly growing market share primarily riding on their JBSP-type and family-assist type products. Also good for non-standard income. 

Rates are midway between mainstream and specialist but most applicants will expect to be in a position to switch away to a mainstream rate when the initial fix ends.