It slashed rates by between 15 and 27 basis points across the board
Fintech mortgage lender Gen H has announced a second round of rate reductions less than a week after its last round of rate cuts.
The fintech lender has recently reduced rates by up to 57 basis points (bps) cumulatively. On Wednesday, it announced new rate reductions of between 15 and 27bps across the board.
Included in the latest round of rate cuts are 80% loan-to-value (LTV) two- and three-year rates, down by 17bps with 5-year rates down by 15bps; 85% LTV down by 20bps for all tenors; 90% LTV two- and three-year rates down by 20bps with five-year rates down by 23bps; and 95% LTV two- and three-year rates down by 25 bps with five-year rates down by 27bps.
Gen H said that with these reductions, its 80% LTV two-year homebuying bundle product was now among the most competitive in the market. These bundle products get discounted mortgage rates when customers bundle a Gen H mortgage with purchase conveyancing from Gen H Legal, the lender’s conveyancing arm.
“We have always worked to offer the most competitive pricing we can for our customers,” commented Pete Dockar (pictured), chief commercial officer at Gen H. “This week, we’ve had two opportunities to cut our rates and pass the benefits onto aspiring homeowners, and we’ve jumped on both.
“We’re glad to deliver these lower rates to both our direct and broker customers, and we remain committed to this approach. If we can offer lower prices, we will.”
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