Gen H has made changes to its internal credit scoring system that will allow it to offer loans to more aspiring homeowners.
Lenders estimate that around one in six principle decisions should now be approved if they do not meet credit scoring criteria.
The company said the change would particularly help first-time buyers, who are increasingly likely to find themselves stuck due to issues such as moving rent or unexpected late payments such as a weak credit file.
“Credit scores are a simple and useful tool for those with good credit to demonstrate their track record of responsible money management,” said Pete Dockar, chief commercial officer at Gen H.
“But when the file is thin, or if there have been some isolated issues in the past, it’s better to have someone review the case and form their own judgment on the best path forward.”
“These positive changes enable our lending teams to help more people find sustainable pathways to home ownership”
