The funding will support the rollout of a suite of mortgage products
Nottingham Building Society (NBS) has announced a new partnership with fintech mortgage lender Gen H that will provide the latter up to £600 million of forward-flow funding over a minimum of two years.
Nottingham said the agreement, which aims to boost the prospects of homeownership for first-time buyers and remortgagers, reflects a shared commitment to transform the housing market and make homeownership a reality for millions more people. The mutual’s funding will enable Gen H to accelerate the rollout of its suite of mortgage products.
Gen H, also known as Generation Home, was founded in 2019 and began trading in October 2020. It claims to offer the fastest processing times in the industry today, with cases proceeding from application to offer 10 days faster than traditional mortgage lenders.
The agreement marks a milestone for both parties – NBS became Gen H’s first building society funding partner, while the fintech lender was Nottingham’s first key partner in support of its new purpose-driven strategy.
“Our shared purpose and the depth of cultural alignment across our businesses provide us with a unique platform for success,” Sue Hayes (pictured), chief executive at Nottingham Building Society, said on the partnership with Generation Home. “They present a unique proposition that, with our support, can enable homeownership to become a reality, rather than a dream.
“Mutuality is the bedrock on which the society has been run since its inception, and we are proud to be partnering with a business that shares our resolute determination to help people own their own home. This matters now, more than ever.”
William Rice, chief executive at Generation Home, added that the partnership with Nottingham is a crucial step in their journey.
“We believe that owning a home should be an opportunity for everyone,” he said. “That’s why we’re rebuilding the home-buying process to make it simple, transparent and fair.”