They slash rates across fixed-term product ranges
Mortgage lenders first direct and Gen H have announced product rate reductions to start 2025, targeting first-time buyers, home movers, and remortgagers.
first direct, part of HSBC, has cut rates across its entire range of repayment mortgages by up to 30 basis points (bps), repricing over 100 products. Its lowest rate is now a five-year fixed standard at 60% loan-to-value (LTV), priced at 4.13% for first-time buyers and movers, while existing customers can access an even lower rate of 4.10%.
The lender has applied some of its steepest reductions to higher-LTV products aimed at helping buyers with smaller deposits. For example, its five-year fixed standard at 90% LTV is now priced at 4.74%. The most notable cut is for remortgage customers, with the two-year fixed standard at 85% LTV reduced to 5.04%.
“We’re really pleased to be starting the New Year with rate reductions across all of our repayment ranges,” said Liam O’Hara (pictured left), head of mortgages at first direct. “We are entirely focused on supporting customers on their journey to home ownership.”
Meanwhile, fintech lender Gen H has also reduced rates across its product suite, with cuts ranging from 15 to 22bps across two-, three-, and five-year fixed rate products.
Highlights include a 20-bps cut for 60% and 70% LTV two- and three-year fixes, and reductions of up to 22bps for 90% LTV products.
“We’re thrilled to be able to bring in the New Year with some meaningful reductions across our ranges,” said Pete Dockar (pictured right), chief commercial officer at Gen H. “We want to ensure our intermediary partners have the very best options available for their clients in 2025.”
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