Gen H has surpassed 2023 new business volume 4.5 months into 2024, following its decision late last year to become an intermediary-only lender.
By mid-May, the lender reported it had already surpassed the entirety of its 2023 new business volume, with especially strong growth of its hero mortgage product, the income booster.
Part of the lender’s growth in new business volumes is owing to recent updates to its credit policy and criteria.
These include changes to its 5-year affordability that can enable applicants to borrow up to 25% more with a 5-year product, as well as updates to its policy for lending to foreign national policy and on new build properties.
There is now no extra income restriction on foreign nationals and the lender can accept up to 5% new build incentives with no loan-to-value (LTV) reductions.
Gen H was also awarded two accolades in late May, including Best Lender for Technology at the Mortgage Strategy Awards 2024 and the Finder Award for Mortgage Innovation.
In Q2, the lender launched with HL Partnership and Mortgage Intelligence, both crucial partnerships that will facilitate greater market reach.
These launches grew Gen H’s mortgage broker panel to more than 17,000.
Will Rice, Gen H CEO, said: “The beginning of 2024 has surpassed our expectations in many ways, and we owe much of our success to the work of our broker partners.
“Our decision to embrace intermediary-only distribution at the end of last year came with risk, but we have quickly found a place within the broker space and are now helping more homeowners and aspiring buyers than ever.
“This is a huge win for our team, who have worked tirelessly to build Gen H’s products and brand as we seek to transform the mortgage market into one that truly works for people – not just for big banks. I offer my sincere thanks to our partners for being in this with us.”
