Nottingham Building Society (NBS) and fintech mortgage lender Gen H have agreed a new partnership of up to £600m.
NBS will provide forward-flow funding to Gen H over a minimum of two years in a move designed to boost the prospects of home ownership for first-time buyers and remortgagers.
The deal reflects a shared commitment to transform the housing market and make home ownership a reality for millions more people.
Under the agreement, The Nottingham’s funding will enable Gen H to accelerate the rollout of its suite of mortgage products and widen the opportunity for home ownership. The agreement means NBS is Gen H’s first building society funding partner and The Nottingham’s first key partnership in support of its new purpose-driven strategy.
Gen H, also known as Generation Home, was founded in 2019 with the mission to make everyone a homeowner. The company began trading in October 2020 and its mortgage products have since helped thousands of aspiring homeowners take their first step onto the property ladder.
Gen H estimates that around two-thirds of first-time buyers need financial help from friends or family and seeks to solve this problem through tailored solutions that broaden and simplify access to home ownership. These include income boosters that help customers borrow more, deposit boosters that enable interest-free loans from friends and family, and a Home Agreement that facilitates dynamic ownership of homes.
Customers can complete their entire house purchase with Gen H’s support. Gen H Legal was launched in October 2022 to provide conveyancing services to Gen H customers, thereby delivering the first end-to-end home-buying service in the UK market.
William Rice, CEO of Gen H, said: “At Gen H, we believe that owning a home should be an opportunity for everyone. That’s why we’re rebuilding the home-buying process to make it simple, transparent and fair.
“Our partnership with The Nottingham is a crucial step in our journey; its mutual ethos and 170-year legacy of supporting people to own their own home is a great fit with our mission.”
Sue Hayes, CEO, Nottingham Building Society, added: “We are delighted to partner with Generation Home. Our shared purpose and the depth of cultural alignment across our businesses provide us with a unique platform for success.
“They present a unique proposition that, with our support, can enable home ownership to become a reality, rather than a dream. Mutuality is the bedrock on which the Society has been run since its inception, and we are proud to be partnering with a business that shares our resolute determination to help people own their own home. This matters now, more than ever.”
