Gen H is slashing mortgage rates by up to 30 basis points (bps) starting from today (22nd July)!

This means you could save hundreds of pounds every year on your mortgage repayments.

Gen H is reducing rates because experts predict the Bank of England will cut the base rate in August or September. This usually means cheaper borrowing costs for everyone.

How Much Will Rates Be Cut?

The amount your mortgage rate could be cut by depends on the size of your deposit:

• Mortgages up to 80% LTV: Rates reduced by 15bps.
• 85% and 90% LTV mortgages: 2-year and 3-year fixed rates reduced by 10bps. 5-year fixed rates reduced by 15bps.
• 95% LTV mortgages: 2-year and 3-year fixed rates reduced by 20bps. 5-year fixed rates reduced by a whopping 30bps!

Even Better News for First-Time Buyers

Gen H has also made it easier to qualify for a mortgage by expanding its “income booster” criteria:

• Friends can now act as income boosters on mortgages up to 80% LTV. So, if you’re struggling to get a mortgage on your own, you can ask a friend to help you out.
• Nieces and nephews can also act as income boosters on mortgages up to 95% LTV. This is good news for first-time buyers who might need some extra help from family members.