"By simplifying our max loan size calculation and providing all suitable products within the calculator itself, we optimise borrowing for even more aspiring homeowners"
- Pete Dockar, chief commercial officer at Gen H
Gen H has streamlined how it calculates affordability for its income booster cases, with an upgraded affordability calculator designed to simplify the application and advice process for brokers.
Previously, brokers had the ability to key specific financial contributions from 'deposit boosters' which would inform the maximum loan size available to their clients.
Now, Gen H’s affordability calculator automatically shows the maximum loan size for the entire buying group, whilst displaying what the lender estimates the owners can afford on their own.
Once brokers have run affordability, Gen H’s calculator presents all applicable products. The calculator also automatically incorporates Gen H’s 'ejector seat' calculation, which can be used to extend the term by removing boosters part way through the term so they do not exceed the lender's maximum age criteria.
Gen H’s income booster allows up to 6 applicants from multiple households on a mortgage with LTVs up to 95%. Income boosters don’t need to contribute to the monthly payments unless the homeowners stop making payments, but if they choose, they can contribute and build equity in the property.
Pete Dockar, chief commercial officer at Gen H, said: “To drive real change in the housing and mortgage markets, we need to support both our broker partners and their clients. By simplifying our max loan size calculation and providing all suitable products within the calculator itself, we optimise borrowing for even more aspiring homeowners and empower our broker partners to give the best possible advice. The more transparency and information we can provide, the better we’re able to serve our customers.”
