Residential mortgage lender Gen H has reduced rates across its 2-, 3- and 5-year fixed mortgage ranges following a fall in swap rates, with the largest cuts at 95% LTV. These rates are already available to brokers on Gen H’s panel.
The changes are:
- 2-year fee-free products: down 14–30 bps at most LTVs from 60% to 95%, including 30 bps at 95% LTV
- 3-year fee-free products: down 10–22 bps at most LTVs from 60% to 95%
- 5-year fee-free products: down 7–12 bps at 90–95% LTV
- Products with fees: down by up to 21 bps
- Targeted increases: up to 13 bps across 85% LTV products and up to 16 bps across parts of the retention range
At 60% LTV, the fee-free 2-year fixed is down 29 bps to 6.09% (6.8% APRC, £0 fee).
Gen H's lowest rates for new customers are:
- 60% LTV: 5.79% 2-year fixed (6.8% APRC, £1,499 fee) or 6.09% fee-free (6.8% APRC, £0 fee)
- 70–80% LTV: 5.94% 2-year fixed (6.9% APRC, £1,499 fee) or 6.14% fee-free (6.8% APRC, £0 fee)
- 85% LTV: 6.59% 5-year fixed (7.0% APRC, £1,499 fee) or 6.69% fee-free (6.9% APRC, £0 fee)
- 90% LTV: 6.59% 5-year fixed (7.0% APRC, £1,499 fee) or 6.69% fee-free (6.9% APRC, £0 fee)
- 95% LTV: 6.69% 5-year fixed (7.0% APRC, £1,499 fee) or 6.79% fee-free (7.0% APRC, £0 fee)
The reductions come as fixed rates across the market continue to rise, with Moneyfacts reporting the average 5-year fixed rate reaching 6% on 5th October, its highest since September 2023.
Sara Palmer, Chief Distribution Officer at Gen H, said: “Swap rates have come down ever so slightly and we're passing that on, with our biggest reductions for buyers with the smallest deposits. Many of our borrowers need the flexibility that our criteria and income booster give them, and these cuts make that borrowing more affordable.”
Gen H's criteria are well-suited to borrowers who can be excluded from standard high street borrowing. These include first-time buyers, home movers and remortgagers who are constrained by affordability, as well as the self-employed, foreign nationals, Construction Industry Scheme (CIS) workers, zero-hours workers, contractors, borrowers with complex income, and those who need a higher maximum age. Its income booster allows additional people's income to count towards affordability, so buyers can borrow more than they could on their own income.
