Gen H has launched a limited edition mortgage rate for loans above £400k. The rate is a 2-year fixed product for 60% LTV and below with a fee of £1,999. Its debut rate is 4.89%.
At the same time, the lender has launched a series of high LTV rate reductions up to 10 bps.
The reductions include:
- All 95% LTV rates are decreasing by 10 bps
- All 85% and 90% LTV rates are decreasing by 5 bps
- >4.49x LTI products at 85%, 90%, and 95% are decreasing by an extra 5 bps
These reductions and the introduction of the new limited edition rate are designed to support first-time and next-time buyers across the spectrum of the homeownership journey. The high-LTV reductions are best placed to support buyers with small deposits; the low-LTV limited edition rate supports buyers on the hunt for bigger properties or properties in more expensive areas.
This is especially important for buyers seeking a home in London or the Southeast, where property prices and affordability pressures make buying a home even more difficult. Now, buyers who are ready to upsize with the equity they’ve built in their first home – perhaps for another bedroom or a garden for their growing family – will be able to access a Gen H mortgage at a discount.
Sara Palmer, Sales and Distribution Director at Gen H, said, “This discounted product will surprise a lot of people, because Gen H is so often thought of as a first-time buyer lender. But this is actually a great example of the Gen H ethos. Our team saw an opportunity to help this segment of buyers – next-time buyers, buying a home for the long-term – and right away, we knew we wanted to go for it. This rate won’t be around forever, but while it is, we hope it helps buyers lock in the family forever home of their dreams.”
