However, it hikes rates on certain lower LTV homebuying products
Fintech mortgage lender Gen H has announced rate cuts aimed at benefiting customers, including those buying for the first time, moving home, or looking to remortgage at higher loan-to-values (LTVs).
The reductions of up to 10 basis points (bps) were made on three- and five-year 90% and 95% LTV products.
The lender has also slightly raised rates on some lower LTV homebuying products by between 2bps and 5bps.
Following a record-breaking January, which saw a 134% surge in applications featuring income boosters, Gen H reported significant interest from first-time buyers, who constituted over 40% of the applications. Additionally, 24% of applications came from individuals aiming to purchase their second home.
To further support first-time buyers, Gen H has recently enhanced its credit assessment process. This includes the integration of Experian Boost, aimed at assisting customers with limited credit histories or scores below the firm’s lending criteria.
“We’ve seen a consistent increase in income booster enquiries month on month in tandem with market-wide demand for greater first-time buyer support,” said Pete Dockar (pictured), chief commercial officer at Gen H.
“It has been a volatile few weeks in mortgage pricing, but we feel it’s more critical than ever to deliver on our promises to keep our rates as low as we can – especially at those higher LTVs. We’re always on the lookout for opportunities to cut rates across the board, and we will be monitoring this very closely in the coming days and weeks to see if we can make further reductions.”
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