Gen H has cut rates across its 2-, 3- and 5-year fixed ranges, with the largest reduction of 30 bps on 2-year fixed rates at 85% LTV. The changes are already live for brokers on Gen H’s panel.
Gen H has reduced its rates as follows:
- 2-year fixed rates at 85% LTV are down 30 bps, with rates from 6.24%
- 2-year fixed rates at 90–95% LTV are down 20 bps, with rates from 6.34%
- 3- and 5-year fixed rates at 85–95% LTV are down 20 bps, with rates from 6.44%
- 2- and 3-year fixed rates at 60–80% LTV are down 10 bps, with rates from 5.69%
- 5-year fixed rates at 60–80% LTV are down 9 bps, with rates from 6.19%
- The New Build Boost rate is down 20 bps to 6.69%, for an effective rate of 5.63%
The cuts apply across Gen H’s core, high loan-to-income, interest-only and existing customer ranges.
Gen H’s lowest rate for first-time buyers, home movers and remortgagers is 5.64% on its 2-year fixed £500k+ special product at 80% LTV, with a £1,999 fee, down 10 bps. Across its core range, the lowest rate is 5.69% (6.8% APRC) on its 2-year fixed at 60% LTV, with a £1,499 fee.
Borrowing costs and energy prices both feed into the swap rates UK lenders use to price fixed-rate mortgages.The US 10-year Treasury yield fell more than 6 bps to 4.884% following the midterm elections as traders priced in reduced deficit spending under a divided government. Brent crude fell almost 9% the same day as traders bet the result would add pressure to end the Iran war.
The Bank of England increased the base rate to 4% on Thursday 5 November – the first increase since 2023. The rise was widely expected and largely reflected in swap rates ahead of the decision.
Gen H’s cuts follow a round of reductions by other lenders this week. Barclays, Halifax, Nationwide and Virgin Money have all reduced their rates recently; the average 2-year fixed rate stood at 5.97% on 3 November according to Moneyfacts.
Sara Palmer, Chief Distribution Officer at Gen H, said: “It has been another good week in the swap market and we’re thrilled to be cutting our rates for a second week in a row – especially in the lead up to the holiday season. Our largest cuts at 85% to 95% LTV, targeting those buyers with smaller deposits, who might be hoping for a mortgage offer in place for Christmas. Hopefully this swap trend continues, and we’ll keep cutting where we can.”
