Gen H cuts high LTV rates
Gen H cuts rates by 15 basis point (bps) at 90% and 95% loan-to-value (LTV), the lender’s second high-LTV reduction in three weeks.
Earlier this month, Gen H updated its affordability assessment model to allow buyers of new-build homes to borrow more because of their energy efficiency.
Several lenders have made improvements to their high LTV rates in August, some including borrowing against new-build properties.
Newcastle Building Society, for example, re-launched its five-year new-build mortgage range.
Sara Palmer (pictured), sales and distribution director at Gen H, said: “The first-time buyer market is splitting – there are those with a bigger deposit, and those who have to pay a premium for the privilege of borrowing at a higher LTV.
“We know the market is volatile right now, and cutting rates at 90% and 95% LTV is a deliberate choice our team has made to back the buyers who need the most help. Brokers have been telling us how much this matters to their clients right now, and we listened.”
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