Rates were reduced by up to 0.65%
Fintech mortgage lender Gen H has reduced the rates of all its products by up to 65 basis points (bps).
The lender said the new rates were already live for both broker and direct customers.
Rates were slashed across all loan-to-values (LTVs). Those up to 80% LTV have been cut by up to 23bps while 85%, 90%, and 95% LTV rates have been reduced by up to 65bps.
Gen H’s first-time buyer bundle rates on two-year fixes at 60%, 70%, 75% and 80% LTVs with a £999 fee are now 4.84%. The longer-term five-year fixes are now 4.57%. These products were launched in March to offer first-time buyers a homebuying experience combining mortgage and legal services under one roof.
The fintech lender’s standard rates, including two-year fixes at 60%, 70%, 75% and 80% LTVs with a £999 fee have a rate of 5.06%. The longer-term five-year fixes are now 4.66%.
Gen H, also known as Generation Home, said aspiring homeowners can combine these reduced rates with innovative tools and affordability features. The lender originally launched to market with ‘boosters’ that enable buyers to increase what they can borrow or get deposit support with help from family and friends. With the launch of Gen H Legal, the lender’s independent conveyancing arm, customers can access an end-to-end homebuying service from the lender-conveyancer duo.
“It’s been a challenging year for aspiring homeowners,” Pete Dockar, chief commercial officer at Gen H, said. “We’ve created highly innovative products to help people on to the ladder – but we realise that sometimes the rates continue to be a blocker to homeownership.
“That’s why we always work to keep our rates as low as we can. Today, we’re delighted we’ve been able to substantially reduce our rates – we want people to know that, even when times are tough, we are committed to helping them achieve their goals.”
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