Fintech mortgage lender Gen H has reduced rates by up to 14 basis points across its homebuying bundle and retention ranges, aiming to assist first-time buyers as they work to secure property purchases ahead of the stamp duty relief deadline in April 2025.
Effective immediately for intermediaries on Gen H’s panel, bundle rates are now lower by 9 basis points for loans up to 85% loan-to-value (LTV) and by 14 basis points for 90% and 95% LTV loans. Retention rates have also decreased by up to 9 basis points, while the core range remains unchanged.
The homebuying bundle, a key offering from Gen H, combines its mortgage products with conveyancing services provided by Gen H Legal, an independent conveyancing firm known for its client-focused approach. This combined service aims to streamline the process for first-time buyers, with the Gen H Legal team offering tailored support throughout property transactions.
This rate reduction follows the recent autumn budget from Rachel Reeves, which confirmed the planned end of stamp duty relief for first-time buyers. Gen H hopes the reduced rates will enable more buyers to complete their transactions before the tax changes take effect.
Pete Dockar, chief commercial director at Gen H, commented: “At times like these, every decrease in rates really matters. First-time buyers will be extremely motivated to complete before the end of stamp duty relief, and we want to support them as best we can. With Gen H Legal on their side, they’ve got a fighting chance. As always, we’ll look for other opportunities to price down in the coming weeks.”
Rebecca de Andrade, head of legal practice at Gen H Legal, added: “Our team has been delighted by the uptake of the homebuying bundle. We’re pleased to see buyers benefit from lower rates and from the dedicated support our team is able to provide. We understand the pressure that first-time buyers will be facing in the coming months, and we’re here for them – today and always.”
