Gen H has streamlined how it calculates affordability for income booster cases, introducing upgrades to its affordability calculator.
Previously, brokers had the ability to key specific financial contributions from boosters which would inform the maximum loan size available to their clients.
Now, Gen H’s affordability calculator automatically shows the max loan size for the entire buying group – while displaying what the lender estimates the owners can afford on their own.
Providing this information aims to empower brokers to have conversations around affordability with their clients, helping them to maximise their borrowing without stretching their monthly budgets.
Once brokers have run affordability, Gen H’s calculator will present all applicable products, helping brokers find suitable products for their clients faster than ever.
The calculator also automatically incorporates Gen H’s proprietary ‘ejector seat’ calculation, which allows boosters to come off the mortgage before they reach the lender’s max age – unlocking longer mortgage terms.
Gen H’s income booster allows up to six applicants from multiple households on a mortgage with loan-to-values (LTVs) up to 95%.
Income boosters do not 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.”
