Gen H reduces mortgage rates by up to 0.20%

Gen H has reduced two and five-year fixed mortgage rates by up to 0.20%.

Five-year rates between 60% and 80% LTV are down by 0.20% and two-year rates by 0.15%.

New Build Boost rates are also dropping by 0.10% to 6.29% for an effective rate of 5.30%.

With New Build Boost, buyers bring a 5% deposit, take an 80% mortgage with Gen H, and receive a 15% interest-free equity loan to close the gap. As buyers only pay interest on the 80% mortgage, this makes the total cost similar to 95% LTV products at 5.30%.

The latest cuts come as Gen H announces improvements in underwriting efficiency. The number of first-touch underwrites done by the lender has doubled, and 35% of cases receive an offer within three days.

Sara Palmer, sales and distribution director at Gen H, said: “As we’ve shown throughout the year, we move as quickly as we can to cut rates when swap movements allow. And this is not the only good news this week - we’re delighted that our underwriting improvements are able to bring speed and certainty to even more of your clients with more first-touch offers than ever before.”