Generation Home (Gen H) has announced big cuts to its mortgage rates, with some deals now available at under 5%.

The company has reduced rates across the board, with some products seeing cuts of up to 0.3% (that’s 30 basis points in mortgage-speak!). This includes their popular ‘homebuying bundle’, which combines a mortgage with legal services.

Here’s a breakdown of the key changes:

• Fixed-rate mortgages:
  • Rates have been cut by up to 0.15% for new customers.
  • Existing customers looking to remortgage with Gen H can now secure rates as low as 4.86% on a five-year fixed deal.
• ‘Homebuying bundle’:
  • New customers can now get a rate of 4.95% with a £999 fee or 4.92% with a £1,499 fee on a low loan-to-value (LTV) deal.
• Two-year fixed-rate mortgages:
  • Rates on 60% LTV products have been cut by 0.25%.
• Tracker mortgages:
  • Both standard variable and tracker rates have been cut by 0.25%, bringing them down to 7%.

These rate cuts come after the Bank of England lowered the base rate by 0.25% last week.

Peter Dockar, Gen H’s Chief Commercial Officer, 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.”

What do these rate cuts mean for you?

If you’re thinking about buying a home or remortgaging, these rate cuts could save you thousands of pounds in interest. It’s a good idea to compare deals from different lenders to make sure you’re getting the best possible rate.