Gen H announces widespread rate cuts of up to 0.25%

Gen H has announced rate cuts across its entire suite of mortgage products, including its New Build Boost rate.

Two-year fixed rates up to 80% LTV have reduced by 0.20% and 85-95% LTV rates are down by 0.15%.

All three-year fixed rates have decreased by 0.20%, with five-year rates up to 80% LTV down by 0.15% and 85-95% LTV products reducing by 0.25%.

High LTI rates will decrease by 5bps less than the standard range noted above.

The lender's New Build Boost rate has also reduced by 0.20% to 6.14%, giving an effective rate of around 5.20%.

With New Build Boost, buyers bring 5%, they take an 80% main mortgage from Gen H, and they receive a 15% interest-free boost to top them up.

That means they only pay interest on the 80% main mortgage, which makes for monthly payments comparable to 95% LTV mortgage products at 5.20%. These cuts put New Build Boost in the mix with high street lenders’ 90% LTV products.

Sara Palmer, Gen H’s sales and distribution director, said: "I’m very pleased to bring these cuts to market. There has been so much uncertainty for buyers and brokers alike in recent weeks – this is a brief moment of reprieve where I hope clients can finally get the certainty they have been looking for. All brokers on our panel can now advise on New Build Boost – they just need to reach out to us to register their interest.”