Gen H has announced another round of rate cuts, in advance of an expected a busy April for the mortgage market.
The lender’s new, lower rates include the following:
- Cuts across the product range between 8 bps – 20 bps
- Cuts of 18 bps on low-LTV 2-year and 5-year products
- Cuts of 20 bps on low-LTV 3-year products
- 95% 3-year and 5-year rates are unchanged and on page 1 of sourcing
Gen H says its reductions to three-year products come as more broker partners and clients are opting for the ‘sweet spot’ between two and five-year terms.
Pete Dockar, Gen H’s chief commercial officer, said: “We’re all relieved to see swap rates moving in a positive direction following the Bank of England’s decision to hold rates last week.
“Affordability is still the greatest limitation for aspiring homeowners in this country, along with deposit challenges which themselves bring about affordability limitations, so it’s critical we take every opportunity we can to reduce our rates, even if it’s only for a week at a time. I’m sure the homeowners who benefit from these lower rates agree, and that’s what matters.”