Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Gen H and Just Mortgages Launch Tool for Shared Ownership Clients

Gen H and Just Mortgages have launched a bespoke tool designed to help shared ownership customers achieve full homeownership. The new solution demonstrates how a part and part mortgage could enable customers to buy out their housing association’s share and transition to full ownership with Gen H.

The tool allows customers to switch to a part and part mortgage with as little as a 5% equity share in their property. A portion of this mortgage is structured on an interest-only basis, which can help reduce monthly payments and address affordability challenges that may have led customers to use shared ownership initially.

Instead of traditional staircasing, which involves additional costs and administration, customers using the new tool can make overpayments on their part and part mortgage to reduce the interest-only balance. Overpayments can be requested and approved via the Gen H dashboard in minutes.

The interactive calculator is intended to support Just Mortgages’ advisers in modelling the financial impact of moving to full ownership versus remaining in shared ownership. This aims to help customers understand their options, particularly in light of rising property values.

Just Mortgages has 32 dedicated new-build advisers across the UK and maintains partnerships with developers, housing associations, introducers, and lenders. The company previously secured access to Gen H’s New Build Boost mortgage scheme.

For letting agents and inventory clerks, this development may be relevant as it could increase the number of tenants transitioning from shared ownership to full homeownership, potentially impacting tenancy turnover and property management processes.