Fintech lender Gen H announced a rate cut of up to 0.17% across its entire product range. The revised rates, which are effective immediately, apply to both broker and direct customers.
This is the second consecutive rate reduction from the lender, making it an increasingly competitive alternative to traditional high-street banks.
Among the key changes is a reduction in 5-year homebuying bundle rates to 5.86% with a £999 fee and 5.92% without a fee for those with a 95% loan-to-value (LTV) ratio.
Rates for 5-year bundles at 90% LTV have also been reduced to 5.78% with a £999 fee and 5.84% without. Additionally, 2-year rates have been lowered by between 0.12% and 0.15%.
Gen H aims to attract customers needing higher LTV products without the premium rates often associated with specialist lenders. The firm also offers features like income boosters and deposit boosters, enabling greater flexibility for potential homeowners facing different financial circumstances.
Pete Dockar, Gen H’s chief commercial officer, said: “We don’t think it’s fair to penalise affordability- or deposit-constrained borrowers with high rates.
“When customers use an income booster or deposit booster with Gen H, they know we’re offering the lowest rates we can.
“And this won’t change – as swap rates allow, we’ll be in lockstep with the Big 6, dropping our rates wherever we can.”
