Fintech mortgage lender Gen H secures £600m partnership with The Nottingham
Nottingham Building Society (NBS), also known as The Nottingham, has agreed a new partnership with fintech mortgage lender Gen H that will see the firm provide forward-flow funding worth £600 million to Gen H over a minimum of two years to lend to its mortgage customers and boost the prospects of home ownership for first-time buyers.
The funding will enable Gen H, also known as Generation Home, to speed up the rollout of its suite of mortgage products designed to broaden home ownership.
Gen H CEO William Rice says the partnership with The Nottingham is a “crucial step” in the firm’s mission to rebuild the home-buying process, “to make it simple, transparent and fair”.
The partnership with NBS will allow Gen H to steadily continue its lending growth, as it looks to muscle in on the mortgage market currently dominated by high-street banks.
Founded in 2019, Gen H offers solutions for the estimated two-thirds of first-time buyers that need financial assistance, including income boosters that help customers borrow more, deposit boosters that enable interest-free loans from friends and family, and a Home Agreement offering that facilitates “dynamic ownership” of homes.
It claims to offer the fastest processing times in the industry, with cases proceeding from application to offer ten days faster than traditional mortgage lenders.
Nottingham Building Society CEO Sue Hayes says Gen H, with The Nottingham’s support, “can enable home ownership to become a reality, rather than a dream”.
In October, The Nottingham appointed Paul Howley as its first ever chief technology and transformation officer (CTTO).