The launch of a 3.94 per cent 5-year mortgage product has been announced by Gen H and has gone live before the end of the year.
The lender detailed that it has launched a 3.94 per cent interest rate for its 5-year 60 per cent LTV homebuying bundle product which went live yesterday (December 21).
The announcement comes as brokers speculated about sub-4 per cent mortgages being introduced before the end of the year due to a recent fall in Swap rates after recent inflation data.
Speaking on this, Gen H chief commercial officer, Pete Dockar, said: “2023 started with a bang at Gen H, when we were the cheapest residential lender in market and I’m delighted to end the year in the same way.”
Gen H added that, with these reductions, aspiring homeowners, home movers and remortgagers in England and Wales will be able to lock in a residential mortgage.
The lender added that the announcement represented “the most affordable residential rates since the beginning of Liz Truss’s term as prime minister”.
Alongside the launch of the homebuying bundle, Gen H also announced a mortgage rate of 3.99 per cent on its 5-year 60 per cent LTV standard with-fee products.
Additionally, the lender detailed that 5-year rates on with-fee products up to and including 80 per cent LTV have all been reduced to sub-5 per cent.
Docker added: “Our mission is to help more aspiring buyers access the life-changing milestone that is homeownership, and we hope these rates will be a welcome gift to many this holiday season.
“We want people to believe that homeownership isn’t out of reach for them - and our job won’t be done until this is true for everyone.”
The lender also stated that aspiring homeowners have faced “obstacle after obstacle” over the last several years which has caused many to believe that homeownership is “outside the “realm of possibility”.
However, Gen H advised that there is more support in the market for would-be buyers than they may realise - and if the right time to buy a home is “when you can afford it”.
tom.dunstan@ft.com
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