Gen H Raises Mortgage Rates While Others Cut

Gen H is making a splash with some changes to its rates. They’re saying they’re doing this to “protect customer service levels” after a busy week, but let’s break down what it means for you:

Homebuying bundle deals: Gen H is raising rates on these deals by up to 29 basis points. This means your monthly mortgage payments could go up.
Standard rate deals: Rates here are increasing by 10 basis points. Another bump in your monthly costs.
Retention rates: But there’s good news for existing customers. Gen H is lowering its retention rates, meaning it’s cheaper to stay with them. For example, a five-year fixed rate at 90% LTV now starts at 4.82%.

Bank of Ireland Cuts Costs

Bank of Ireland is taking a different approach and is cutting rates on some of its residential deals. This means lower monthly payments!

Residential deals at 75% LTV: Rates are dropping by up to 20 basis points. For example, a two-year fix with a £1,495 fee and £300 cashback is now 4.35%, down from 4.55%.

Landbay Offers Savings

Landbay is also making some changes to their rates. This is great news if you’re investing in small houses in multiple occupation (HMOs) or multi-unit freehold blocks:

Small HMO/MUFB range: Landbay has slashed rates across this range. For example, a two-year fix at 75% LTV is now 4.04% with a 6% fee. They’ve also cut costs on some of their five-year fixed rates in their standard range.

Foundation Tweaks Products

Foundation is making changes to its product line, withdrawing some completely and re-pricing others.

Withdrawn products: They’re getting rid of some of their F1 limited edition two and five-year fixes for remortgaging at 80% and 85% LTV. They’re also removing some two-year fixes in their F1 Professionals range.
Repriced products: Foundation is re-pricing several F1 Professionals five-year deals and also its buy-to-let F2 Large Portfolio five-year fix.

This flurry of rate changes means it’s a good time to shop around and see if you can get a better deal. With rates fluctuating, take advantage of these changes and find the best possible rate for your mortgage. It’s worth checking in with your current lender to see if they have any special offers. And remember, a good mortgage broker can help you find the best deal for your specific circumstances.