The exclusive integration provides brokers an option for clients who need 'booster' funds
Mortgage Broker Tools (MBT) has integrated its MBT Affordability research platform with Generation Home, a new lender that focuses on affordability and helps buyers enhance their borrowing using friends and family funds as “boosters.”
Income boosters enable family members to be added to the mortgage and their income to be included in the affordability calculation, up to a maximum of six applicants. Deposit boosters enable buyers to receive help towards their deposit in the form of an interest-free loan, either as a gift or equity.
According to the latest MBT Affordability Index, 25% of first-time buyers and home movers are offered a loan size smaller than they requested. MBT noted that some of these customers could overcome the shortfall with a mortgage from Generation Home, which has increased the average borrowing power of their first-time buyers by an additional £65,000 over the last six months.
Read more: Three in 10 lower income earners unable to secure their requested loan.
MBT said this exclusive integration provides brokers with a simple way of seeing whether a mortgage from Generation Home could help their clients to borrow the loan size they need, alongside more traditional options.
“Not only is MBT Affordability the most comprehensive affordability tool available in the market, it’s also the most sophisticated. With the inclusion of lenders like Generation Home, we make it easy for brokers to research different types of solutions that could benefit their clients, at the click of a button,” Tanya Toumadj (pictured), chief executive at Mortgage Broker Tools, said.
“This enables brokers to add more value to their relationships and will help more buyers to buy the home they want. We’re really pleased to work with Generation Home on this integration and we are sure it will prove a popular addition to the MBT Affordability platform.”
