Tom Blomfield takes first Generation Home board position, after leaving Monzo and Angel investing – TechCrunch
Continued from mid-June to the start of the first Generation Home buyer mortgage A $ 30.4million Series A round and a £ 300million loan facility have been raised from NatWest and are currently being added to the board of directors.
Known to have become an angel investor after leaving Monzo, the startup Challenger Bank he co-founded Tom bromfield I did not participate in the start-up committee.
This changes today with the news that he is participating in Maison Génération.
The startup was launched last year with a radically different home buying model. This made it possible for relatives to become co-sponsors of real estate purchased by their children and to get into vehicles.
Will Rice, founder and CEO of Generation Home, said the platform “banks moms and dads” with much more capital than what would normally happen with a loan or money donation next time. generation. “I’ll set you free from.”
Britain’s property issues are serious. According to the 2020 UK Home Survey, the average UK tenant spends 35% of their income on rent, compared to 18% of homeowners who pay mortgages. High rents hamper their ability to save and inflation in house prices prevents more people from leaving their homes.
Generation Home allows parents to donate their deposits in the form of equity loans. Generation Home is responsible for repaying funds to parents when the property is sold or redeemed. Loan repayments can also be triggered when the homeowner’s equity reaches a pre-agreed level and the loan value can reflect changes in house prices. In addition, you can transform your loan into a donation at any time via the Génération Maison platform.
Blomfield informed TechCrunch of his decision to join the board: I think it’s very relevant and not really covered by the mainstream press. The problem with first-time buyers trying to get a mortgage is that they most often rely on help from their parents and sometimes their friends. I’ve been through this, and a lot of people think of it as a loan, and they’re going to get that money back. But mortgage lenders allow you to sign a piece of paper saying it’s an absolute giveaway. As a result, hundreds of thousands of parents across the country are essentially committing well-meaning scams to help their children climb the ownership ladder. So what I like about Generation Home products is that parents have this new legal structure that allows them to efficiently lend their money to deposits, but if they want it is configured as a loan I can. will do. They have the right to finally get their money back without lying. This is one thing that really attracted me to the business. It’s very relevant to everyone and people just don’t know about this problem. “
We asked him if he thought FinTech had a FinTech business model, “Monzofication,” as the success of Monzo’s model suggests with users.
“There is definitely a lot of commonality with what we do at Monzo and what Generation Home is trying to do. The big mortgage lenders are focusing on mortgage products and customers appear to be troublesome. As a client, you have to adapt whatever the mortgage lender offers you and it’s totally adamant. It’s very similar to Monzo, we do. I turned it over and tried to focus on what the client really wanted and cared about every day. Simple things like notifications and alerts when you spend money before an overdraft – these are now. It goes without saying, and it wasn’t five or six years ago. Generation houses don’t put everyone in the mortgage attire, but what really matters to customers. I think we’re doing the same by focusing and providing that flexibility and more functionality to meet our needs, ”he said.
Tom Blomfield takes first position on Generation Home board, after leaving Monzo and Angel Investing – TechCrunch Link Source Tom Blomfield takes first position on Generation Home board, after leaving Monzo and Angel Investing – TechCrunch