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Gen H and Mansfield BS lower rates – round-up

  • 12/03/2024
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Gen H and Mansfield BS lower rates – round-up
Gen H has made rate reductions across its entire mortgage range, with cuts of up to 0.25 per cent.

The headline rate reductions have been made to its five-year fixes up to and including 80 per cent loan-to-value (LTV) products, while five-year rates above this tier have fallen by up to 0.19 per cent. 

Its three-year fixed rates up to and including 80 per cent LTV options have been reduced by up to 0.13 per cent, and higher-LTV options have been cut by as much as 0.1 per cent. 

Across Gen H’s two-year fixes, rates up to and including 80 per cent LTV have gone down by as much as 0.16 per cent, while above this, LTV rates have been cut by up to 0.1 per cent. 

These changes go live from 5:30pm 12 March. 

This follows the lender’s pivot to becoming an intermediary-only provider, five years after it was established in 2019. 

It also recently released a product switching proposition for brokers to offer a faster, more efficient process. 

Pete Dockar, chief commercial officer (CCO) at Gen H, said: “It’s been an interesting week for the mortgage market – and it’s only Tuesday. There were rate increases from big lenders on Monday, but thanks to our nimbler approach, we’ve instead been able to make some meaningful reductions.

“It’s a challenging environment for buyers, so it’s more important than ever that we act fast when we can to equip our intermediary partners with the tools and rates they need to support their clients.” 


Mansfield BS reduces credit repair rates 

Mansfield Building Society has reduced the rates on its credit repair products by up to 0.6 per cent. 

The range is available up to 70 per cent LTV and open to borrowers who have experienced credit problems such as missed payments, defaults, debt management plans and bankruptcy. 

Its two-year fix now has a rate of 7.39 per cent, while the discounted variable rate is 7.19 per cent – a 1.7 per cent reduction on the mutual’s standard variable rate (SVR). 

There is no completion fee and basic legal fees are included on remortgages against properties in England and Wales. 

Tom Denman-Molloy, intermediary sales manager at Mansfield Building Society, said: “Although the bank rate appears to be stabilising and inflation reducing, cost increases continue to put pressure on household expenditure.

“We want to make sure we’re doing everything we can to help everyday borrowers with their mortgage needs, making it more cost-effective for borrowers to access our expansive criteria and flexible underwriting approach.” 

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