Gen H makes rate reductions to range including New Build Boost

The largest reductions apply to two year products between 60% and 80% LTV, which have been cut by 0.30%.

Five year rates between 85% and 90% LTV have been reduced by 0.21%, while two year rates between 80% and 90% LTV have been cut by 0.11%.

The lender has also reduced its New Build Boost rate by 15 bps to 6.39%. Gen H said this gives an effective rate of 5.38 - the New Build Boost product combines a 5% buyer deposit, an 80% main mortgage with Gen H and a 15% interest free equity loan, where buyers pay interest on the 80% main mortgage only.

The lender said the changes are aimed at both home movers with larger deposits and first time buyers with 5% or 10% deposits.

Sara Palmer, sales and distribution director at Gen H (pictured), said: “What better way to kick off summer – or at least a heat wave – than with big rate reductions. It is a priority for our team to move as quickly as we can when swap rates fall so we’re able to support even more aspiring homeowners wherever possible. I hope these cuts mean a new round of happy buyers will have keys in hand before the summer is out.”