"Any reduction is a move in the right direction if you ask me, and hopefully these cuts – especially at 95% LTV – will be the key that gets more people into homes."
- Pete Dockar, chief commercial officer at Gen H
Gen H has reduced rates across its core and homebuying bundle ranges by between 10 and 30 bps, with a special focus on 95% LTV rates.
Rates up to and including 80% LTV have reduced by 15bps, with 85% and 90% LTV two and three-year fixes down by 10bps and 85% and 90% LTV five-year fixes decreasing by 15bps.
The largest reductions are to 95% LTV rates, with two and three-year fixed rates down by 20bps and five-year rates reducing by 30bps.
These reductions follow on from a series of recent policy changes designed to support more homeowners with complex circumstances.
Gen H recently announced that friends can now act as income boosters on mortgages up to 80% LTV, and nieces and nephews can be income boosters on mortgages up to 95% LTV.
The lender also launched a revamped foreign national policy this year. Data shows that in the three months following the launch, the new policy drove a 67% uplift in foreign national cases, showing strong demand in market from buyers who weren’t born in the UK.
Pete Dockar, chief commercial officer at Gen H, said: “The mood across the mortgage market has been positive for the last few weeks as many lenders reduce rates – I’m delighted that we’ve kept pace with the speed of these reductions. Talk of the cost of living crisis may have faded into the background, but the cost of borrowing is still very high and many aspiring homeowners are struggling to make the numbers fit. Any reduction is a move in the right direction if you ask me, and hopefully these cuts – especially at 95% LTV – will be the key that gets more people into homes.”
