Gen H has announced wide-ranging rate cuts of between 15bps and 30bps.

The rates are now live for intermediary use only.

Changes include the following:

• Core and homebuying ranges are reduced by 15 bps
• 2-year 60% LTV rates are reduced by 25 bps
• Retention range for existing customers is reduced by 30 bps
• 25 bps reductions to standard variable and tracker rates, bringing both to 7%

These reductions mean the lender has reintroduced 4% rates at select LTVs.

Existing customers taking a 5-year product at any LTV can now lock in a 4.86% rate, and new customers taking a low-LTV homebuying bundle product can lock in a 4.95% rate with a £999 fee or a 4.92% rate with a £1,499 fee. Homebuying bundle customers get a Gen H mortgage and use Gen H Legal, the lender’s independent conveyancing arm, for their legal work.

In January 2023, Gen H transitioned its revert rate from a standard variable rate to a more transparent tracker rate. The tracker makes it simpler for customers to understand what will happen to their mortgage when their rate expires. Both the standard variable rate, which still exists for some early Gen H customers, and the tracker rate have been reduced proportionally by 0.25%.

Peter Dockar (pictured), chief commercial officer at Gen H, said: “I’m delighted to introduce these rate cuts off the back of this week’s base rate move, not just for the benefit of first-time buyers or home movers but for our existing customers as well.

“We’ve also taken this opportunity to reduce our standard variable rate and base rate trackers, because in this environment, it’s critical that lenders support all customers, including those who choose to remain on revert or variable deals. We’ll be looking for opportunities to price down further in the coming weeks.”