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A - Z of Property types
Properties are accepted with land up to 2 acres but we do not accept any property with agricultural ties
Working farms, smallholdings, and houses subject to an agricultural occupancy restriction are not acceptable.
Properties with annexes are not acceptable.
Properties with asbestos roofs are not acceptable.
All properties will be checked for cladding by the valuer and may proceed subject to the valuers comments and where required a valid EWS1 form. Generation Home will not accept properties with A3 or B2 rating. Should the applicant be aware of cladding at the time of application submission, they should speak to the developer or seller to confirm whether an EWS1 is available. Where it is, it should be provided to us at the applicant's earliest convenience so as not to delay the application.
Coach Houses (Freehold)
Freehold coach houses are unacceptable. The only exception is a long-term lease that covers the flat and garage related to the flat.
Properties used for home working are acceptable, providing no alterations have been made for the commercial use which could impact saleability. Properties that have been altered, adapted or converted for commercial use or where there are commercial buildings on the same title (for example, holiday let/cottage) are not acceptable.
Compulsory Purchase Order
Properties with compulsory purchase orders are not acceptable.
Ex Local Authority flats are acceptable where: - the value of security exceeds £100k outside LSE and £150k inside LSE - the valuer deems the property to be acceptable to most lenders and readily saleable on a owner occupier basis. *London South East (LSE) includes areas I&J using the NUTS definition.
Feudal ownership properties are not acceptable.
Properties in close proximity to commercial premises
We will only consider properties within a close proximity to commercial premises where: • the minimum Valuation exceeds £100,000 outside LSE and £150,000 inside LSE. • the Valuer’s comments are positive and recommend the property as suitable Security. We will not consider these properties where any of the following factors apply: • Where the Valuer deems the property to be unsuitable on the grounds of noise, smell or danger to health and safety. • Where the Valuer advises the location of the property is likely to attract antisocial behavior. • Where the Valuer cannot recommend the security and believes the location materially impacts future saleability. • Where a property is In close proximity to or within influencing distance of food outlets, public houses, nightclubs, licenced premises , takeaways, shops selling perishable foodstuffs, petrol stations and large/predominantly Industrial locations
We will lend where up to 20% of the property is a flying freehold
Freehold / Leasehold Flats
Freehold flats are not acceptable. Leasehold or share of freehold flats (where the freehold is equally split between the freeholders) are acceptable subject to lease terms.
Grade 1 Listed properties
We do not lend on grade 1 listed properties
Grade 2 Listed properties
Can be considered on a case-by case basis where; the building is in a good state of repair and no negative comments are made by the Valuer
High Flood Risk (Sea & Rivers)
We will not proceed where the subject property is in an area of high flood risk from rivers and/or sea. Refer to the Flood Risk page for more guidance
High Rise Flats
We will lend on high rise flats up to 10 stories. Any building over 5 floors must have a working lift.
We will not lend on holiday homes that cannot be lived in all year round
We will not lend on investment properties as we only provide residential mortgages, not Buy-to-Lets
Properties with Japanese Knotweed Management Category A-C are unacceptable. Properties with management category D may be acceptable subject to RICS guidance being followed on the basis there is no impact on future salability.
Large homes (high bedroom count)
We will not lend on any properties with more than 8 bedrooms, properties with more than 6 bedrooms will be on a case by case basis
We will accept properties with an extension to the lease which will need to be completed by the solicitor prior or upon completion and also meet our lease criteria; - Minimum of 75 years at the start of the mortgage - Minimum of 50 years at the end of the mortgage
Minimum Floor Space
Gross internal floor area (GIA) must be a minimum of 30sqm
Mobile homes are not acceptable.
We will not lend on a property where there is more than one kitchen
Properties with overage clauses are not acceptable.
Previous BTL / HMO use
Acceptable where; the property is being purchased for residential use only, positive valuer comments are received and any change of use agreements are completed on or before completion
Properties held in trust
Properties held in trust are not acceptable.
Properties outside of England & Wales
We only lend in England & Wales. We will not lend on any properties outside of these countries.
Properties with a section 106
Properties with a section 106 that restricts resale are not acceptable. Properties with a section 106 that have no restrictions to sale, maybe accepted subject to the valuers comments.
Properties with a section 157
Properties with a section 157 are not acceptable.
Retirement flats are not acceptable.
Self Builds are not acceptable
Small homes (Studio flats)
Studio style flats are acceptable where: • The value is confirmed as being >£100k. • The property has a city center location • The valuer confirms that there is a resale demand for such property in the residential property market • The Gross internal floor area (GIA) is >= 30sqm
Solar panels are acceptable where owned. Leased solar panels or where the Valuer comments that the saleability of the property would be affected are unacceptable.
Sub Sales & Back-toBack Transactions
We will not lend on any property purchased within the last 6 months, there are no exceptions to this rule
We do not lend where a property has a unilateral notice on it unless this is removed upon completion.
For a property to be considered as being acceptable security for mortgage lending it must be structurally sound and secure, easy to appraise and immediately habitable as a residential property. The definition of habitable requires the property to be capable of being lived in, in relative comfort: • Be wind and weather tight. • Be plastered out • Have all services functioning and connected, and a kitchen with: • Functioning hot and cold-water supply to a sink • Adequate food preparation and storage facilities • Have a functioning bathroom with bath or shower and WC and • The inspecting surveyor has not commented that the property in its current condition is deemed uninhabitable.
Properties of non-standard may proceed subject to valuers comments and suitability for mortgage purposes. Refer to the Construction Types page for more information.