TMA Club has announced a partnership with Generation Home.

Generation Home, founded in 2019, has updated the idea of Joint-Borrower-Sole-Proprietor (JBSP), enabling up to six people on the mortgage, including adding ‘income boosters’ (family) and/or ‘deposit boosters’ (family and friends), substantially increasing the mortgage size available and providing long term financial protection for their investment.

Over the last six months, some regions have seen the average income booster add +£100K to the value of the mortgage loan.

Through the partnership, Directly Authorised (DA) brokers who are members of TMA will have access to Generation Home’s wide range of specialist products.

• Example highlights of the partnership for TMA brokers include:

  95% mortgages, where a family member can be a deposit booster providing the full 5% and an income booster to help increase affordability for the owner-occupier

• The Ejector Seat, exclusively allows parents to help without their age limiting the allowable term for the mortgage
• Self-employed applicants require just 1 year of accounts if there is an employed person on the application
  Remortgage and transfer of equity to 90%, can be done with an income booster
• 5x income multiples up to 85% LTV where the owner-occupier is employed
• A family gift can be transformed into an interest-free loan, providing legal protection and peace of mind for the deposit booster

Lisa Martin, development director at TMA, said: “We are proud to be offering Generation Home’s products to our DA intermediaries in a move which further strengthens TMA’s offering for first-time buyers. First-time buyers are finding it increasingly difficult to get onto the housing ladder with rising living costs and house prices rising disproportionately to wages, so Generation Home is providing much-needed support for these homebuyers. This latest partnership will allow us to continue providing our members with a wide range of products to suit each client’s needs.”

Will Rice, CEO of Generation Home, added: “Affordability remains the biggest barrier to entry for people trying to get onto the property ladder. We have created unique solutions to enhance a client’s affordability and tackle this very issue, unlocking the ability to own a home for many more people.

“We believe that the mortgage advice community will play a critical role in educating their clients about the benefits of the Generation Home proposition. We look forward to working with TMA’s extensive network of engaged brokers.”