"In this environment, it’s critical that lenders support all customers, including those who choose to remain on revert or variable deals."
- Peter Dockar, chief commercial officer at Gen H
Gen H announced rate cuts of between 15 and 30 bps across its entire mortgage product range.
Core and homebuying ranges have reduced by 15 bps, while two-year 60% LTV rates have decreased by 25 bps.
In addition, the retention range for existing customers is reduced by 30 bps, alongside 25 bps reductions to standard variable and tracker rates, bringing both to 7%.
These reductions mean the lender will be reintroducing 4% rates at select LTVs.
Existing customers taking a five-year product at any LTV can now access a rate of 4.86%, and new customers taking a low-LTV homebuying bundle product can lock in a 4.95% rate with a £999 fee or a 4.92% rate with a £1,499 fee. Homebuying bundle customers get a Gen H mortgage and use Gen H Legal, the lender’s independent conveyancing arm, for their legal work.
Peter Dockar, chief commercial officer at Gen H, said: “I’m delighted to introduce these rate cuts off the back of this week’s base rate move, not just for the benefit of first-time buyers or home movers but for our existing customers as well. We’ve also taken this opportunity to reduce our standard variable rate and base rate trackers, because in this environment, it’s critical that lenders support all customers, including those who choose to remain on revert or variable deals. We’ll be looking for opportunities to price down further in the coming weeks.”
