Residential mortgage lender Gen H has announced rate cuts on all products up to and including 80% LTV – including its recently launched New Build Boost product.
All two-year rates up to and including 80% LTV are down by 15 bps, while all three and five-year rates up to 80% LTV are reducing by 20 bps.
New Build Boost rates have also decreased by 20 bps to 6.29%. At present, only approved brokers can advise on New Build Boost, a new mortgage scheme designed to support aspiring new build buyers with small deposits and no access to family support. The buyer brings a 5% deposit, they take an 80% LTV mortgage from Gen H and get a 15% interest-free boost to close the gap. The scheme is supported by house builders and administered by Gen H.
The new rates are available in combination with Gen H’s suite of 'boosts', including its income booster and deposit booster products.
Gen H also recently introduced a £499 product fee to provide greater flexibility for brokers and their clients.
Pete Dockar, chief commercial officer at Gen H, said: “We’re a big fan of silver linings here at Gen H. So, while we’re seeing a lot of economic volatility on both national and international stages, there’s an upside: today, we can offer sweeping rate cuts across much of our range. We’re always looking for opportunities to price down, and we’re delighted to include our New Build Boost rate within these cuts. It’s our mission to help everyone access homeownership, and I’m hopeful that for some aspiring buyers out there, these rates will help them finally get their keys.”
