Industry heavyweight Legal & General has acquired an 18.75% stake in start-up mortgage lender Gen H, taking a seat on its board alongside Peter Thiel’s Mithril Capital and Brent Hoberman’s Firstminute Capital.
The two companies will now work together to bring new mortgage products and technology solutions to market, satisfying the unmet needs of existing and aspiring homeowners.
According to Gen H it now offers the fastest processing times in the industry, with cases proceeding from application to offer 10 days faster than traditional mortgage lenders.
It also currently offers the cheapest products across most 2-year fixed rate deals. Applications are fully digital and can be submitted by brokers via Gen H Pro.
Will Rice, co-founder and CEO of Gen H, said: “At Gen H, we believe that owning a home should be an opportunity for everyone.
“That’s why we’re rebuilding the home-buying process to make it simple, transparent and fair.
“We’re excited to welcome Legal & General as a new shareholder and look forward to working with them towards our shared vision of an exceptional end-to-end home-buying service that truly puts the customer first.”
Wian Pieterse, managing director, fintech at Legal & General, said: “We have been very impressed with Gen H and we are confident that their innovative products and technology can help intermediaries and lenders improve outcomes for end consumers.
“Legal & General plays a significant role in the home buying and financing ecosystem and we intend to work closely with the Gen H team to deploy our expertise and help many more customers trying to buy or refinance a home.”
