Gen H has cut its New Build Boost mortgage scheme rates from 6.29% to 5.95%.
This change is already live in Gen H Pro and available for participating brokers.
The offering launched in late March as a private sector take on Help to Buy.
Buyers bring a 5% deposit, take an 80% mortgage with Gen H, and receive an interest-free 15% boost – an equity loan which is frozen for five years – to close the gap.
So far, 94% of New Build Boost applicants have been first-time buyers, ranging in age from 19 to 52.
This cut is projected to make the scheme affordable for thousands more aspiring
homebuyers.
Pete Dockar, chief commercial officer at Gen H, said: “The feedback we’ve been getting from New Build Boost brokers was overwhelmingly positive, but it came with an ask: make the New Build Boost rate begin with a “5”!
“I’m delighted that we’ve found a way to make it work, and am excited to see more New Build
Boost homeowners join our books.
“The scheme supports people with no other path onto the property ladder, so every single completion is a huge win for our mission-driven team.”
