New round of cuts follows lender's shift to intermediary-only lending model
Fintech mortgage lender Gen H has announced new rate reductions aimed at supporting first-time buyers, home movers, and those looking to remortgage.
The adjustments include a decrease of 25 basis points (bps) for five-year mortgage rates at or below 80% loan-to-value (LTV), with rates above this threshold seeing reductions of up to 19bps.
Three-year rates at or below 80% LTV will drop by up to 13bps, and those above 80% LTV by up to 10bps. For two-year mortgages, reductions of up to 16bps will apply to rates at or below 80% LTV, and up to 10bps for rates above 80% LTV.
In a strategic shift announced earlier this week, Gen H revealed its decision to close its direct application channel, transitioning to an intermediary-only model. This move, the lender said, aims to prioritise relationships with intermediaries.
Gen H has also been proactive in its offerings, with recent initiatives including a streamlined product switching journey for brokers, enabling easy rate swaps or product locks. Additionally, the lender has enhanced its income booster affordability model, offering a more flexible alternative to traditional joint borrower sole proprietor products.
“It’s been an interesting week for the mortgage market,” said Pete Dockar (pictured), chief commercial officer at Gen H. “There were rate increases from big lenders, but thanks to our nimbler approach, we’ve instead been able to make some meaningful reductions.
“It’s a challenging environment for buyers, so it’s more important than ever that we act fast when we can to equip our intermediary partners with the tools and rates they need to support their clients.”
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