Gen H has introduced higher LTV lending on new build properties, with a new maximum LTV of 90% for new build houses and 85% for flats.
This criteria update will have a particularly positive impact on customers who fall within the edges of Gen H’s lending criteria, for example, those with complex income or those needing longer lending terms.
Customers can combine this criteria update with Gen H’s boost products, such as its income booster, which can increase how much a customer may be able to borrow.
The latest criteria change follows on from the launch of New Build Boost, a mortgage scheme designed to solve affordability and deposit challenges to help aspiring homeowners purchase a new build home from Persimmon, the scheme’s launch partner.
Pete Dockar, chief commercial officer at Gen H, said: “New build lending has always been a bit of a paradox. We need new build homes to ease the housing crisis, but lenders tend to apply extra scrutiny and limits to this type of lending, which means comparatively fewer aspiring homeowners can actually access the lending they need to buy one.
"Making it easier for new build buyers to get the mortgage they need stimulates demand which in turn creates more supply – this will have a positive impact on the entire housing market. Most critically, it will get keys in the hands of real people.”
