Mortgage lender Gen H has announced cuts to their rates, offering a glimmer of hope for potential homebuyers.

The company has reduced rates across a range of its mortgages by up to 0.25%, making it cheaper for both first-time buyers and those moving up the ladder to get a mortgage.

So, how much could you save?

The biggest cuts are on five-year fixed-rate mortgages for those with smaller deposits:

• 90% and 95% Loan-to-Value (LTV): Rates reduced by 0.25%
• Two and three-year fixed-rate (90% – 95% LTV): Rates reduced by 0.16%

This means that if you’re struggling to pull together a big deposit, you could snag a more affordable deal.

Good news for those with bigger deposits too:

Gen H hasn’t forgotten about buyers with larger deposits either. They’ve also trimmed rates on two and three-year fixed-rate mortgages up to 85% LTV by between 0.15% and 0.25%.

This move comes hot on the heels of other recent changes:

Earlier this month, Gen H made it easier for borrowers to qualify for a mortgage by relaxing its rules around missed payments on household bills.

Why the sudden generosity?

Peter Dockar, at Gen H, explained: “We’re delighted to introduce these rate cuts today. We’re in the midst of another spate of volatility within the market and so we are thrilled to have been able to act positively and move rates in the right direction for our intermediary partners and their clients.”