Five-year rates fall below 5%; two-year options go below 6%
Fintech mortgage lender Gen H has implemented substantial rate cuts across its entire product range, with the largest reductions applied on high loan-to-value (LTV) products to support first-time buyers.
The lender said the reduced rates are also accessible to home movers and remortgagers who engage with the lender through a mortgage broker, with repriced rates on all LTV bands, including 80%, for both three- and five-year terms, ensuring rates below 5%.
Gen H’s 85% LTV products saw rate reductions of up to 67 basis points (bps), with the two-year standard product with a fee now at 5.32%, the bundle at 5.27%, and the standard five-year at 4.71%, with a bundle at 4.65% and a £999 fee.
Meanwhile, its 90% LTV deals had reductions ranging from 40 to 55bps, while the 95% LTV products had a reduction of 60bps, with all five-year rates falling below 5% and all two-year products below 6%.
Gen H, the first lender to introduce sub-4% rates last month, has also maintained its 3.94% rate for 60% LTV five-year homebuying bundle products and 3.99% for 60% LTV five-year standard products.
“We were thrilled to have been able to have introduced the first sub-4% to the market – making rate reductions whenever we can is core to our ethos,” remarked Pete Dockar (pictured), commercial director at Gen H.
“Today, we’re excited to show we can help people no matter their deposit size, whether they’re remortgaging in the 60% LTV band or buying their first home with a smaller deposit. We make these reductions because they make a difference to real people.”
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