In response to the Bank of England’s decision to cut the base rate to 5.00%, Gen H has introduced rate cuts of between 0.15% and 0.30% across its entire product range.
The rates will be live for intermediary use only as of 5.30pm today (Monday 5th August).
The highlights include reductions to its core and homebuying ranges of up to 0.15%, and 2-year 60% loan-to-value (LTV) rates being reduced by 0.25%.
The retention range for existing customers has also been reduced by 0.30% and Standard Variable Rates (SVRs) and tracker rates have both been reduced to 7%.
These reductions mean the lender will be reintroducing 4% rates at select LTVs.
Existing customers taking a 5-year product at any LTV can now lock in a 4.86% rate, and new customers taking a low-LTV homebuying bundle product can lock in a 4.95% rate with a £999 fee or a 4.92% rate with a £1,499 fee.
Peter Dockar, chief commercial officer at Gen H, said: “I’m delighted to introduce these rate cuts off the back of this week’s base rate move, not just for the benefit of first-time buyers or home movers but for our existing customers as well.
“We’ve also taken this opportunity to reduce our standard variable rate and base rate trackers, because in this environment, it’s critical that lenders support all customers, including those who choose to remain on revert or variable deals.
“We’ll be looking for opportunities to price down further in the coming weeks.”
