Gen H has introduced reductions in rates designed help customers requiring higher-LTV products.

These reductions are balanced by very slight increases to select products at lower LTVs by up to 5 basis points (bps). These rates will be live from 5.30 pm today, Monday 19 February.

Three and five-year 90% and 95% LTV products will be reduced by up to 10bps, while some homebuying products are being selectively increased by between 2bps and 5bps.

These rate changes follow the lender seeing a 134% increase in the volume of applications with income boosters. Of their January applications, over 40% were first-time buyers and a further 24% of applications were aspiring second time buyers looking to get back on to the property ladder once again.

This was paired with one of its highest call volumes since the lender launched in 2020, with many enquiries relating to first-time buyer and JBSP business.

Pete Dockar (pictured), Gen H’s chief commercial officer, said: “We’ve seen a consistent increase in income booster enquiries month on month in tandem with market-wide demand for greater first-time buyer support. It has been a volatile few weeks in mortgage pricing, but we feel it’s more critical than ever to deliver on our promises to keep our rates as low as we can – especially at those higher LTVs.

“We’re always on the lookout for opportunities to cut rates across the board, and will be monitoring this very closely in coming days and weeks to see if we can make further reductions.”