Gen H cuts selected rates by up to 0.70%

Fintech lender Gen H has introduced a number of rate reductions, up to 0.70%, across its with-fee products.

The lender also introduced a £1,499 fee for 2-year and 5-year 80% loan-to-value (LTV) products for both its standard and homebuying bundle ranges.

These new rates start at 4.99%. The rates will go live from 5:30pm this evening (Monday 4th March 2024).

Newspage asked brokers for their views, below. 

Ben Perks, managing director at Orchard Financial Advisers:

“A week that contains the Spring Budget is sure to be full of ups and downs, but it’s nice to start the week with a lender reducing rates.

“Hopefully a good Budget on Wednesday will pave the way for more lenders to reduce.”

Mark Robinson, managing director at Albion Forest Mortgages:

“A glimmer of light for borrowers as Gen H announces rate drops on their products with fees.

“A very welcome rate change given the high street increases last week.

“Hopefully this is a sign of things to come. Gen H are certainly innovators in the mortgage world.”

Imran Hussain, director at Harmony Financial Services:

“A lovely start to March with Gen H dropping rates on a day the sun has finally started to shine on the UK.

“We can only hope it shines on the mortgage market during Budget week.

“Let’s hope this just the start of positive news this week for the mortgage and property markets.”

Lewis Shaw, owner and mortgage expert at Shaw Financial Services:

“Gen H have been out of the mix for a while, so, unsurprisingly, they’re trying to get back amongst the action.

“Sadly they’re not world-beating but any reduction is a positive in the current market.”

Darryl Dhoffer, adviser at The Mortgage Expert:

“Gen H’s confidence in their own economic outlook and stability, in reducing some of their rates, has to be commended.

“They’re doing this as other lenders run for the hills. These might only be short-lived reductions so grab them while you can.”

Rohit Kohli, director at The Mortgage Stop:

“In what promises to be a week of speculation and frustration, these downward tweaks offer a rare ray of sunshine.

“I don’t expect there to be any major movement from other lenders until after Wednesday’s Budget.”

Elliott Culley, director at Switch Mortgage Finance:

“Swap rates seemed to have hit a peak at the end of last week, so we will now enter a stage of mortgage lenders dipping their toe back in the market to attract some business, before withdrawing once targets are met.

“The Budget on Wednesday has the opportunity to disrupt this trend. Let’s hope it is positively received and this will be key to how the next few months play out.”