Gen H is reducing rates across its mortgage range, with cuts of up to 20 basis points (bps) taking effect from 5.30pm today.
The changes will be available to all brokers on Gen H’s panel from that point.
Five-year rates at 60% to 80% loan-to-value will fall by 20bps, while two-year rates at 60% to 80% loan-to-value will be reduced by 15bps.
The lender is also cutting its New Build Boost rate by 10bps to 6.29%, which it said gives an effective rate of 5.30%.
Under New Build Boost, buyers provide a 5% deposit, take an 80% mortgage with Gen H and receive a 15% interest-free equity loan to make up the balance.
Gen H said buyers only pay interest on the 80% mortgage, making the total cost similar to 95% loan-to-value products at 5.30%.
The rate cuts follow improvements in Gen H’s underwriting efficiency. The lender said the number of first-touch underwrites it completes has doubled, while 35% of cases receive an offer within three days, despite reviewed cases becoming more complex.
Sara Palmer, sales and distribution director at Gen H, said: “As we’ve shown throughout the year, we move as quickly as we can to cut rates when swap movements allow.
“And this is not the only good news this week – we’re delighted that our underwriting improvements are able to bring speed and certainty to even more of your clients with more first-touch offers than ever before.”
