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Gen H and MPowered Mortgages reduce rates – round-up

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  • 13/05/2024
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Gen H and MPowered Mortgages reduce rates – round-up
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 (LTV) deals up to and including 80% LTV will be cut by 0.25%, and high-LTV deals will be reduced.

Deals are available to aspiring first-time buyers, 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 reduce our rates, and this is one such occasion where we’re able to move quickly for the benefit of our customers.

“With the timings of any base rate reduction still far from clear cut, we recognise that homeowners need all the support they can get. We’re happy to be there for them in every way we can – whether that’s with a significant rate reduction or our flexible lending criteria.”

 

MPowered Mortgages lowers rates

MPowered Mortgages 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 fall from 4.84% – for a two-year fixed rate with a £999 fee.

Matt Surridge, sales director of MPowered Mortgages, said: “Following the Bank of England decision last Thursday to hold rates, swaps rates have fallen on the anticipation 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.

“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’m therefore really pleased we are one of the first, if not the first, to cut rates this week, having already cut rates once in the past week.

“Borrowers looking to take advantage of these new rates should seek independent professional advice.”

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