"We feel it’s more critical than ever to deliver on our promises to keep our rates as low as we can – especially at those higher LTVs."
- Pete Dockar, chief commercial officer at Gen H
Gen H has announced a series of mortgage rate reductions for borrowers requiring higher-LTV products.
Three and five-year 90% and 95% LTV products are reducing by up to 10bps.
The reductions are balanced by slight increases to select products at lower LTVs by up to 5bps.
The rate changes follow a record January, in which the lender reported a 134% increase in the volume of applications with income boosters. Of Gen H's January applications, over 40% were first-time buyers and a further 24% of applications were aspiring second-time buyers.
Gen H has recently enhanced its focus on first-time buyers through credit criteria changes and the addition of Experian Boost to its credit decisioning to support customers with thin credit files or scores that fall below its lending thresholds.
Pete Dockar, chief commercial officer at Gen H, said: “We’ve seen a consistent increase in income booster enquiries month on month in tandem with market-wide demand for greater first-time buyer support. It has been a volatile few weeks in mortgage pricing, but we feel it’s more critical than ever to deliver on our promises to keep our rates as low as we can – especially at those higher LTVs.
"We’re always on the lookout for opportunities to cut rates across the board, and will be monitoring this very closely in coming days and weeks to see if we can make further reductions.”
