Gen H will reduce low loan-to-value deals up to and including 80% loan-to-value by 0.25%, while MPowered has cut two- and five-year fixed rates, the second rate cut it has made in a week
Gen H will lower rates across its residential mortgage range to “support more aspiring homeowners.”
Gen H’s rate changes will come into force from 5:30pm on 13 May.
Low loan-to-value deals up to and including 80% loan-to-value will be reduced by 0.25%.
Deals are available to aspiring FTBs, homemovers and remortgagers who come to Gen H via mortgage broker.
Pete Dockar, Gen H’s chief commercial officer, said: Those who have worked with Gen H know that we take every opportunity to lower our rates, and this is one such occasion where we are able to move swiftly for the benefit of our customers.
He added: With the timings of any base rate cut still far from clear cut, we recognise that homeowners need all the support they can get. We are happy to be there for them in every way we can – whether that’s with a significant rate cut or our flexible lending criteria.
MPowered Mortgages has also cut its rates. It has cut two- and five-year fixed rates, the second rate cut it has made in a week.
Pricing starts from 4.37%, down from 4.59% for a five-year fixed rate, and from 4.67% – a drop from 4.84% – for a two-year fixed rate with a £999 fee.
Matt Surridge, sales director of MPowered Mortgages, said: Following the BoE decision last Thursday to hold rates, swaps rates have dropped on the expectation that rate cuts, which, whilst not necessarily imminent, are now seemingly ‘nailed on’ for later in the summer and that the UK and US interest rate policy is now increasingly likely to diverge.
Surridge added: The swap markets are moving at pace at present and it is important that, as a responsible lender, we are able to react and pass on any savings we can to borrowers. I am therefore really pleased we are one of the first, if not the first, to reduce rates this week, having already reduced rates once in the past week.