Good news! Gen H launches sub-4% five-year fixes
Generation Home, also known as Gen H, has improved prices across its mortgage range and launched sub-4% five-year fixes.
Gen H's mortgage highlights include a sub-3.95% five-year fix for borrowers purchasing a property with a 40% deposit and sub-4% rates for borrowers looking to remortgage. The lender also offers rates below 5% for those with 20% deposits.
Pete Dockar, chief commercial officer at Gen H, said: “2023 started with a bang at Gen H when we were the cheapest residential lender in the market.
"I’m delighted to end the year in much the same way. 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."
When will the major mortgage lenders launch sub-4% fixes?
Gen H's reprice is excellent news for borrowers! Although given how much the cost of funding mortgages has reduced, it was only a matter of time until rates came down.
Now that one lender has sub-4% five-year fixes, it is unlikely to be long before the other lenders lower their rates and offer something similar. Some may hold off until January as they look for a positive start to the New Year.
Lenders tend to price fixed mortgages using SWAP rates, which have fluctuated substantially since the Liz Truss mini-budget. The table below indicates the lenders' borrowing costs, and it suggests there is a reasonable chance rates will get cheaper soon.
Most banks and building societies offer two, three, five and ten-year fixes. While sometimes available through certain lenders, they do not tend to widely issue one, seven, 15 or 20-year fixed rates.
|
Current |
18 Dec 2023 |
20 Nov 2023 |
19 Dec 2022 |
|
|
1 Year |
4.755% |
4.866% |
5.045% |
4.321% |
|
2 Year |
4.083% |
4.283% |
4.646% |
4.338% |
|
3 Year |
3.735% |
3.950% |
4.380% |
4.184% |
|
5 Year |
3.418% |
3.621% |
4.088% |
3.913% |
|
7 Year |
3.291% |
3.479% |
3.957% |
3.700% |
|
10 Year |
3.270% |
3.437% |
3.911% |
3.537% |
|
15 Year |
3.323% |
3.467% |
3.927% |
3.449% |
|
30 Year |
3.277% |
3.393% |
3.831% |
3.272% |
Source: Chatham Financial
Information about Generation Home
Generation Home aims to help more borrowers get on the property ladder, whether you’re a first-time buyer, a home mover or a remortgage. The lender says it "will help you find your place on the property ladder."
It is: "rebuilding the homebuying process to make it simple, transparent and fair. And we’re helping thousands of people realise their homeownership dreams while we do."
The lender has a range of products, including its 'income booster' criteria, where it takes income from family members like parents or grandparents.
Call Trinity Financial on 020 7016 0790 to secure a Gen H mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change
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