Good news for first-time buyers struggling to get on the property ladder: you can now borrow more cash with the help of your mates!

That’s right, Generation Home (Gen H) has changed its rules to allow friends and family members to boost your income, increasing the amount you can borrow on a mortgage. This means getting those keys in your hand just got a whole lot easier!

Previously, only close family members like parents, children, grandparents and siblings could act as “income boosters.” But now Gen H has expanded the criteria to include nieces, nephews and even your besties!

How does it work?

It’s simple! If you have a friend or family member with a good credit history and stable income, they can effectively “lend” you their financial credibility. This can make a massive difference in securing a mortgage, especially as interest rates continue to fluctuate.

Here’s what you need to know:

• Friends can now be income boosters on mortgages up to 80% loan-to-value (LTV). This means you’ll need a 20% deposit, but your friend’s income will help you borrow the remaining 80%.
• Nieces and nephews can act as income boosters on mortgages up to 95% LTV! That means you could potentially buy your dream home with just a 5% deposit.

Will Rice, Gen H’s Chief Executive Officer, explained the decision, stating: “We’ve seen how many people our income booster product has been able to help. This is why, when our brokers began requesting that friends be able to act as income boosters, we took note.”

This change comes on the back of two recent interest rate cuts from Gen H, meaning there’s never been a better time to team up with loved ones and step onto the property ladder.