Gen H has reduced rates across its mortgage range, with cuts of up to 30 basis points (bps) now available to brokers on its panel.
The reductions went live at 5.30pm on Monday 25 May and apply across the lender’s product range.
The largest cuts apply to two-year rates between 60% and 80% loan-to-value, which have been reduced by 30bps.
Five-year rates between 85% and 90% loan-to-value have been cut by 21bps, while two-year rates between 80% and 90% loan-to-value have been reduced by 11bps.
Gen H has also cut its New Build Boost rate by 15bps to 6.39%, giving an effective rate of 5.38%.
The lender said the reductions were aimed at both home movers with larger deposits and first-time buyers with 5% and 10% deposits.
New Build Boost combines a buyer’s 5% deposit with an 80% main mortgage from Gen H and a 15% permanently interest-free equity loan boost.
Buyers pay interest only on the 80% main mortgage, with Gen H saying this makes the total cost similar to 95% loan-to-value products at 5.38%.
Sara Palmer, sales and distribution director at Gen H, said: “What better way to kick off summer – or at least a heat wave – than with big rate reductions.
“It is a priority for our team to move as quickly as we can when swap rates fall so we’re able to support even more aspiring homeowners wherever possible. I hope these cuts mean a new round of happy buyers will have keys in hand before the summer is out.”
