Fintech lender Generation Home has launched its full range of first-time buyer mortgages.

These products offer a number of options for family members looking to help first-time buyers get on the housing ladder. 

To date these products have only been available to direct customers, with the company arranging most of its mortgages via  Instagram.

However it has now announced a partnership with Legal & General Mortgage Club and says it is looking to open up its product range to mortgage advisers and brokers in the near future.

Generation Home offers two products options: a “deposit booster” or “income booster”. 

The deposit option allows parents (or other family members) to invest in the property, but they retain ownership of their money, rather than gifting it. This funding is secured against the property, with Generation Home acting as an agent for repayment. 

This investment can be structured as an interest-free deposit loan or equity loan, where the amount repaid tracks changes in the price of the property. 

In contrast with the income options family members can be included on the mortgage, to improve first-time buyer affordability. They can opt to make payments, or just act as a guarantor should the main buyer be unable to meet repayments. 

Those providing these ‘booster’ funds can also get shares in the property. Products can be structured so this additional help is not required for the full term of the mortgage. 

This fintech company offers the technological and legal infrastructure to support fractional ownership of the property alongside tools that allow owners to track and manage their home finances. This can include properties being bought by siblings or friends who want to keep finances separate. 

Generation Home co-founder and CEO William Rice says: “The solutions that we offer open up new avenues for inter-generational support and bring homeownership within reach for millions of people who thought that they were locked out of the market.”