TLT advises Penrith Building Society on milestone funding arrangement

Under the arrangement, Penrith will fund first-ranking, owner-occupied residential mortgages originated by Generation Home on properties in Cumbria.

Generation Home offers innovative mortgage products aimed at first-time buyers, which enhance affordability by allowing friends and family to add their income to the mortgage or make a loan towards the deposit. The forward-flow funding arrangement with Generation Home allows Penrith to support customers it may not otherwise have been able to reach and sits alongside Generation Home’s existing arrangement with Nottingham Building Society.  

TLT’s structured finance team advised on all aspects of the arrangement. The transaction was led by partner Tom Ward, supported by managing associate Paul Brock and associate Dixson Lee in TLT’s structured finance team, along with financial services regulatory advice from legal director Richard Clark.

Tom Ward, partner in TLT’s structured finance team said: “It was a pleasure to support Penrith Building Society on this funding arrangement, allowing Penrith to further help customers get onto the property ladder.”