Gen H has lowered mortgage rates amid rising demand before the stamp duty deadline.
- Rates reduced by up to 14 basis points for certain loan-to-value (LTV) categories.
- The change targets first-time buyers trying to finalise purchases before end of stamp duty relief.
- The initiative includes a homebuying bundle with legal support from Gen H Legal.
- Leaders at Gen H express commitment to support buyers in the current market climate.
Gen H, a leading fintech mortgage lender, has announced a reduction in its mortgage rates by as much as 14 basis points across specific homebuying and retention ranges. This strategy aims to support first-time buyers eager to complete property purchases before the stamp duty relief deadline in April 2025. The new rates are immediately available for intermediaries on Gen H’s panel, offering reductions of 9 basis points for loans up to 85% loan-to-value (LTV) and 14 basis points for loans at 90% and 95% LTV. Despite these changes, the core range of Gen H’s offerings remains unaltered.
The homebuying bundle, an integral part of Gen H’s offerings, not only provides mortgage products but also includes conveyancing services through Gen H Legal. This independent conveyancing firm is renowned for its client-focused approach, which aims to simplify the property transaction process for first-time buyers. By combining financial and legal services, the bundle seeks to alleviate some of the pressures these buyers face, especially in light of the imminent changes in stamp duty.
The decision to cut rates follows the recent confirmation in the autumn budget by Rachel Reeves regarding the conclusion of stamp duty relief for first-time buyers. By reducing rates, Gen H hopes to facilitate smoother transactions for buyers who are racing against the tax deadline. Pete Dockar, Gen H’s chief commercial director, remarked on the significance of this move, stating, “At times like these, every decrease in rates really matters.” He highlighted the team’s ongoing commitment to identifying further possibilities for rate reductions, signalling a proactive approach in the forthcoming weeks.
Rebecca de Andrade, head of legal practice at Gen H Legal, shared her positive outlook on the current uptake of the homebuying bundle. She emphasised the benefits of lower rates combined with dedicated support, acknowledging the challenges first-time buyers are expected to face in the near future. Her assurance of continuous support underscores Gen H Legal’s role in easing the buying process.
Gen H remains steadfast in its mission to assist first-time buyers amidst changing market conditions.
