Do I need ILA?
Generation Home requires boosters to obtain ILA. This is to ensure that they understand their legal obligations as a booster, the risks involved, and their rights regarding the transaction.
Generation Home is a first-charge mortgage lender that enables borrowers to add an income booster and/or a deposit booster to afford more. We are authorised and regulated by the Financial Conduct Authority (FCA).
To explain in more detail - Income Boosters.
An income booster can be added as a mortgage applicant to increase the loan amount.
While both owner(s) and booster(s) are named on the offer and are both jointly and severally liable for the mortgage payments, it is only the owner(s) who will be named on the title deed as legal owner of the property.
To explain in more detail - deposit boosters.
A deposit booster contributes towards the deposit in return for a financial interest in the property. Deposit boosters do not go on the title deeds, but they can have an enforceable legal agreement in place acknowledging their legal status.
How do I get ILA?
Generation Home will share details for panel solicitors we recommend. Alternatively, you can search for and choose your solicitor independently. In any case please let your mortgage advisor know of your choice.
Please note that your conveyancer is unable to provide the ILA.
Boosters will need to book a video call (it takes about 30 minutes) with their chosen solicitor.
After ILA is provided, the solicitors will send us the ILA certificate.
If you've chosen to proceed with a non-panel solicitor, they will send you the invoice and we'll reimburse it later (up to a max of £300).
If you've chosen one of our panel solicitors, we'll cover the costs directly and in full, taking care of it all for you.