Just Mortgages has expanded its successful partnership with residential lender Gen H with the launch of a new initiative to support shared ownership clients in achieving full home ownership.
Together, Just Mortgages and Gen H have built and launched a bespoke tool which demonstrates how a part-and part-mortgage could allow shared ownership customers to buy out their housing association’s share entirely, exiting the scheme and switching to full homeownership with Gen H. A portion of a part-and-part mortgage is structured on an interest-only basis, helping to reduce the monthly payment and bridge the affordability gap that may have required the customer use Shared Ownership in the first place. They could switch to a part-and-part mortgage with just a 5% equity share in their property.
The new calculator aims to help answer the challenges facing customers in staircasing and achieving full home ownership – particularly with the rise in property values. Rather than staircasing with its associated costs and administration, customers are able to overpay on their new part-and-part mortgage to reduce their interest-only balance. Customers can request to make overpayments from their Gen H dashboard and have them approved in minutes.
This bespoke, interactive calculator was designed to support Just Mortgages’ advisers in modelling the financial impact of stepping into full ownership versus remaining in shared ownership over time. The aim is to support advisers in having better informed, data-driven conversations with their customers.
Launching this new calculator with Just Mortgages recognises its position as a specialist in the new build and shared ownership sector, and its longstanding reputation for providing quality holistic advice to customers. Just Mortgages is one of the country’s largest specialist divisions with 32 dedicated new build advisers across the UK and deep partnerships with leading developers, housing associations, introducers and lenders.
The move extends the successful partnership between the two brands, which began with Just Mortgages securing access to Gen H’s innovative New Build Boost mortgage scheme.
John Doughty, chapter managing director at Just Mortgages, said: “Shared ownership has been instrumental in helping more people realise their dream of home ownership. Its success can really be counted in the number of first-time buyers, single buyers, divorcees and even families that have finally been able to get on the ladder. This fantastic and well thought out calculator from Gen H helps make clear a simple path to full home ownership that many may not be aware of, and we’re thrilled Gen H has chosen to partner with us to launch it.
“It certainly speaks to our expertise and experience in shared ownership and our reputation for quality advice that a lender like Gen H would trust us to lead on this proposition. It’s yet another example of the innovation Gen H is bringing to the new build mortgage market to bridge gaps and increase access to home ownership. We’re really proud to extend our partnership with their tremendous team.”
Peter Docker, chief commercial officer at Gen H, adds: “For many long-term shared ownership households, property appreciation and salary growth has not directly translated into an ability to staircase. What is undoubtedly a great stepping stone into home ownership has in practice become a stumbling block towards full ownership. Our part-and-part criteria allows us to unlock that full ownership option for more households – effectively staircasing through overpayments all while avoiding legal fees, valuation costs and housing association sign-off in the process.
“With expert advice remaining an integral part of this process, it made absolute sense to partner with Just Mortgages – particularly given their significant footprint and clear expertise in the shared ownership space. Just Mortgages’ advisers will be able to combine their expert knowledge with our new interactive calculator to have better informed conversations with customers around their future options. We are really pleased to be working with Just Mortgages to create more full homeowners.”
