UK mortgage lender Generation Home secures £1bn debt funding to expand offering to first-time buyers
London mortgage lender Generation Home has raised £1billion in debt funding in a bid to help more first-time buyers take their first step onto the homeownership ladder.
Funding is offered by Waterfall Asset Management. The company’s investment will be partially financed by a main warehouse of Barclays Bank.
Generation Home says the new funding will allow the start-up to “significantly expand its offering of first-time buyer-focused mortgages” and help “more than 4,000 additional families” buy their first home.
The company, which raised £300m in April last year, also plans to expand its higher loan-to-value (LTV) offering, including “employee-only 95% LTV mortgages of the NHS”.
Launched in October 2020 and authorized and regulated by the FCA, Generation Home offers a range of mortgage products targeting aspiring homeowners. The firm’s offerings are designed to facilitate support for young people with a view to savings by families.
Will Rice, Co-Founder and CEO of Generation Home, says, “Capital accumulation is the biggest challenge facing young people, who struggle to get on the homeownership ladder while saving for their own retirement.
The company says it aims to help families “find a path to homeownership that had been blocked by the limited flexibility offered by traditional mortgage lenders.”