UK mortgage lender Generation Home lands £1bn debt financing to expand first-time buyer offering
London-based mortgage lender Generation Home has raised £1 billion in debt financing as it looks to help more first-time buyers take their first step on the property ladder.
The financing comes courtesy of Waterfall Asset Management. The firm’s investment will be partially financed by a senior warehouse facility from Barclays Bank.
Generation Home says the new funding will allow the start-up to “significantly expand its first-time buyer focused mortgage offering” and will help “over 4,000 more families” buy their first home.
The company, which raised £300 million in April last year, also plans to expand its higher loan-to-value (LTV) offering, including “95% LTV mortgages reserved for NHS employees”.
Launched in October 2020 and authorised and regulated by the FCA, Generation Home offers a range of mortgage products targeting aspiring homeowners. The firm’s offerings are designed to make it easier for families to provide assistance to young people saving for a deposit.
Will Rice, co-founder and CEO of Generation Home, says: “Capital accumulation is the greatest challenge faced by young people, who struggle to get onto the property ladder while saving for their own retirement.”
The company says it aims to help families “find a path to home ownership that had been blocked by the limited flexibility offered by traditional mortgage lenders”.