"Income booster has opened doors not only for aspiring first-time buyers but also for home movers and remortgagers after a life change."
- Karen Appleton, head of lending at Gen H
Gen H has announced that income boosters can now reside in the property they help purchase.
The lender's joint borrower proposition means that income boosters go on the mortgage but not the property deed to boost the buyer’s affordability.
Its 'Ejector Seat' feature then allows the removal of income boosters before they turn 85 if the mortgage is affordable at that point, allowing for longer mortgage terms.
Income boosters will be required to obtain independent legal advice as normal and, if they wish to live in the property, they’ll need to sign an occupancy waiver.
Gen H launched with the income booster product in 2020. Initially, only close relatives could be income boosters on mortgages up to 95% LTV. In 2024, the lender expanded its criteria to allow friends to act as income boosters on mortgages up to 80% LTV.
Karen Appleton, head of lending at Gen H, said: “Income booster has opened doors not only for aspiring first-time buyers but also for home movers and remortgagers after a life change. It’s a powerful tool that we hope will now have an even greater impact as a result of this policy update. As always, our brokers are our best bellwether for changes such as this one – they’ve told us what their clients need and we’re glad to deliver.”
