Gen H – Generation Home

Gen H drop rates by up to 50 bps, launching sub-5% rates across selected 2-, 3- and 5- year products

The fintech lender has responded quickly to swap rate moves and made significant cuts across their 60%, 70%, 75% and 80% LTVs.

LONDON, 20 Nov 2023 –– Gen H has launched yet another round of rate cuts with new sub-5% LTV products.

The reductions are between 20 and 50 bps across their 60%, 70%, 75% and 80% LTVs at 2-, 3- and 5-years.

Most notably, the lender has introduced competitive homebuying bundle rates including a 2-year 60% LTV at 4.99%, 3-year at 4.84% and 5-year at 4.87% (all with £999 fee).

Highlights from the latest round of rate cuts:

• 60% LTVs are reduced by 32 bps for 5- year
• 60% LTV reduced by 50 bps for 2- and 3- year
• 70%, 75% and 80% LTVs are down by 20 bps for 2- year, 22 bps for 3- year and 26 bps for 5- year

85%, 90% and 95% LTV rates remain unchanged.

These rate cuts follow Gen H’s recent win at the Credit Strategy Lender Awards in the category of Customer Service Excellence. Chief Commercial Officer Pete Dockar especially credited the lender’s “mission-driven” teams.

Of these most recent rate cuts, Dockar said,

“It has been a very busy few weeks for our team as we’ve taken every opportunity to reduce our rates. This is one of the benefits of our tech-led business model – we are able to pivot fast if it benefits our customers, and lower rates always do. These cuts are giving our customers even more options. Now, we’re heading into December with optimism and are thrilled we’ve been able to move at pace to introduce selected sub-5% rates before Christmas, all while continuing to develop the innovative features that give so many buyers a much-needed boost onto the property ladder.”

Gen H launches with Experian Score Boost to help customers with lower credit scores buy a home

21 November 2023, LONDON — Fintech mortgage lender Gen H has announced they’ll include Experian’s Score Boost data in their credit decisioning to help more aspiring homeowners find their place on the property ladder, sooner.

Many aspiring homeowners are locked out of homeownership by credit scores that don’t meet a lender’s credit threshold. Experian Boost takes into account recurring expenses like Netflix, Spotify or council tax – payments which don’t usually count toward your credit score – as proof of responsible money management to help build users’ credit.

Gen H is one of a few residential mortgage lenders in the market to use this boosted data in their lending decisioning processes. This means more customers below the minimum credit threshold could be able to increase their score enough to buy a home where they couldn’t before.

Customers can sign up with Experian for free to proactively report their regular payments via open banking. And there’s no downside for customers because Score Boost won’t adversely impact your score.

This type of innovation is welcome in today’s mortgage market. According to a recent Zoopla survey, 18% of 18- to 39-year-olds would consider buying a home with friends, and 31% would be open to part-ownership or using a scheme like Help to Buy.

Aspiring homeowners are clearly ready to embrace innovative ways of buying and owning a home. Imagine if achieving homeownership was as simple as reporting your Netflix subscription each month?

This partnership expands on Gen H’s already radical innovations in the mortgage market. The lender has created smarter, more flexible options for affordability and deposit support, allowing more customers and their families to unlock financial support where they may not have been able to before. This commitment to tech-led innovation for the benefit of customers is central to the lender’s mission.