Gen H has reduced mortgage rates in response to a surge in demand before the stamp duty deadline.
- Rates are cut by up to 14 basis points for homebuying bundles and retention ranges.
- The initiative is aimed at helping first-time buyers complete purchases ahead of April 2025.
- Gen H Legal offers integrated conveyancing services for a smoother buying process.
- The move follows the confirmation of the end of stamp duty relief in the recent budget.
Fintech mortgage lender Gen H has strategically lowered its mortgage rates by as much as 14 basis points in response to increased demand ahead of the April 2025 stamp duty relief deadline. These rate reductions are implemented across its homebuying bundle and retention ranges, with intermediary channels seeing immediate effects. The adjustment entails a 9 basis point reduction for loans up to 85% loan-to-value (LTV) and a 14 basis point decrease for 90% and 95% LTV products. Despite these changes, the core range rates remain consistent, ensuring stability for borrowers.
As part of its offering, Gen H combines mortgage products with conveyancing services provided by Gen H Legal, an independent firm recognised for a client-centred approach. This integration is designed to streamline the property acquisition process for first-time buyers, with Gen H Legal offering personalised support throughout their transactions. Pete Dockar, chief commercial director at Gen H, remarked on the importance of rate reductions, highlighting the urgency for first-time buyers to finalise deals before the tax modifications. He asserted commitment to continuous rate evaluation with an aim to provide further reductions when feasible.
Rebecca de Andrade, head of legal practice at Gen H Legal, expressed satisfaction over the rising acceptance of the homebuying bundle. She noted the dual advantage of lower rates and specialised support from their team, stressing awareness of the pressures faced by first-time buyers approaching the tax deadline. Her comments reflect a broader initiative to ensure buyer readiness amid forthcoming financial shifts prompted by the recent budgetary announcement by Rachel Reeves.
The recent autumn budget confirmed the cessation of the stamp duty relief initiative for first-time purchasers, thereby motivating mortgage providers like Gen H to adapt their offerings strategically. As the deadline looms, such fiscal measures by lenders are crucial to assist potential homeowners in securing their investments promptly. Gen H’s initiative underscores its proactive stance in the evolving mortgage landscape, reinforcing its objective to facilitate home ownership under changing economic conditions.
Gen H’s strategic rate reduction demonstrates a proactive adaptation to fiscal changes, aimed at aiding first-time buyers before the stamp duty deadline.
