Gen H has announced a significant cut in mortgage rates. It has targeted the segment of the market most in need of support: first-time buyers and those with limited savings. The highlight of this round of rate reductions is the introduction of a five-year fixed rate mortgage at 95% loan-to-value (LTV), now more affordable at just 4.94% within the standard range, and an even lower 4.88% for those opting into the homebuying bundle range.

Across-the-Board Reductions

It’s not just the five-year fixed rate that’s seeing a change; Gen H has applied cuts across the board. All two, three, and five-year mortgage products have seen reductions by up to 11 basis points (bps), a move that is set to benefit a wide range of borrowers, from those just starting to those looking to refinance.

Improving Mortgage Accessibility

Just last week, Gen H made headlines with its revised credit criteria aimed at easing the path for aspiring homeowners. These adjustments are part of a broader strategy to improve mortgage accessibility.

A Commitment to Agility and Support

Pete Dockar, Gen H’s Chief Commercial Officer, expressed his enthusiasm about the rate cuts, emphasising the company’s agility in pricing and its focus on supporting those at the lower end of the deposit spectrum. “We’re thrilled to have made these reductions today to make sure our broker partners have the best options available for their clients,” Dockar stated, highlighting the importance of this move for buyers with smaller deposits.