Gen H has implemented rate reductions for customers seeking higher loan-to-value (LTV) mortgages.
Effective from 5.30 pm today (Monday, 19th February), the rate changes include reductions of up to 10 basis points (bps) for 3-year and 5-year 90% and 95% LTV products.
There are also minor rate increases of up to 5 bps on some lower-LTV products, ensuring a balanced revision across Gen H’s offerings.
Following a record January, where Gen H observed a 134% rise in applications with income boosters, the lender has noted significant demand from first-time buyers, who constituted over 40% of the applications. Additionally, 24% of applications came from individuals aiming for a second-time purchase.
Amidst this demand, Gen H has reported a spike in enquiries, especially from first-time buyers and those interested in joint borrower sole proprietor (JBSP) business.
To support customers with limited credit histories, Gen H has integrated Experian Boost into its credit assessment process.
Pete Dockar, Gen H chief commercial officer, emphasised the company’s focus on maintaining competitive rates, especially for higher LTV products, stating: “We’ve seen a consistent increase in income booster enquiries month on month in tandem with market-wide demand for greater first-time buyer support.
“It has been a volatile few weeks in mortgage pricing, but we feel it’s more critical than ever to deliver on our promises to keep our rates as low as we can – especially at those higher LTVs.”
