Gen H has responded to increasing mortgage demand ahead of the stamp duty deadline by reducing rates.
- New rate reductions aim to facilitate first-time buyers as the stamp duty deadline approaches.
- Rates decrease by up to 14 basis points for specific loan-to-value categories.
- The homebuying bundle, which includes conveyancing services, continues to be a key element in Gen H’s offerings.
- The recent changes follow the announcement of the end of stamp duty relief, with efforts to support property acquisitions.
Fintech mortgage lender Gen H has taken decisive action in response to a surge in demand, reducing its mortgage rates by as much as 14 basis points across its homebuying bundle and retention ranges. This strategic move is specifically designed to assist first-time buyers who are racing against time to complete their property purchases before the impending stamp duty relief deadline in April 2025.
Effective immediately, the revised rates are available for intermediaries on Gen H’s panel. Loans up to 85% loan-to-value (LTV) see a reduction of 9 basis points, while those in the 90% and 95% LTV categories benefit from a 14 basis point cut. While the core range of rates remains untouched, retention rates have decreased by up to 9 basis points.
The homebuying bundle, an integral part of Gen H’s services, merges their mortgage products with conveyancing services provided by Gen H Legal. Known for its client-first approach, Gen H Legal aims to simplify the buying process for first-time buyers, offering tailored support to ensure a smoother transaction.
In light of recent fiscal announcements, these rate cuts come on the heels of the autumn budget presented by Rachel Reeves, which confirmed the termination of stamp duty relief for first-time buyers. Gen H is hopeful that the adjusted rates will empower more buyers to finalise their acquisitions ahead of the taxable changes.
Pete Dockar, Chief Commercial Director at Gen H, remarked: “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, further 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.”
Gen H’s rate reductions symbolise a proactive approach to supporting first-time homebuyers amid changing fiscal landscapes.
