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Barclays and Gen H reduce rates further as "competition heats up on the High Street"

Journalist: Justin Moy, Contributing Editor

ended 29. April 2025

Both Barclays and Gen H have announced further cuts to their fixed rate ranges today, helping buyers and those remortgaging find cheaper deals. Barclays highlights include a 2-year fixed purchase mortgage at 60% LTV reducing to 3.92%, while Gen H has cut 5-year fixed rates at 85% and 90% LTV by 21bps. With these latest rate cuts, brokers say there is clearly some market pressure to reduce the cost of mortgages at all loan to values, and that the competition in the market is heating up. Views below.

For Gen H :

Following last Wednesday’s reduction of up to 30 bps on 2-year fixes, Gen H has today launched new rate cuts across its 5-year fixed range.

Rate highlights:

5-year fixed at 85% and 90% LTV reduced by 21 bps

5-year fixed at 95% LTV reduced by 10 bps

All new rates are live now.

These continued cuts, especially at higher LTVs are a boost for first-time buyers, who often rely on high-LTV lending, and for those seeking more certainty in today’s unpredictable market.

6 responses from the Newspage community

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Editor
Katy EatentonVerified
Mortgage & Protection Specialist at Eatenton Finance
The weather is improving and so are the mortgage rates available to borrowers. There's a clear spring bounce at play here and the fact rates are being trimmed even at higher LTVs suggests lenders are confident in the underlying property market. A base rate cut next month is widely expected and that could see rates drop further. All in all, it's looking like May will be a bright one for borrowers.
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Editor
Justin MoyVerified
Managing Director at EHF Mortgages
More rate cuts will make the weather feel a little warmer as the competition heats up on the High Street. A sub-4% deal for remortgage cases is an important metric, with both 2-year and 5-year options for those with 60% or less loan to value. Gen H improvements for those with smaller deposits will be welcomed in particular by first-time buyers looking to capitalise on the buyers' market out there.
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Jack TuttonVerified
Director at SJ Mortgages
Mortgage rates continue to tumble with the market competition driving interest rates further under 4%. Mortgage lenders are now in a position where there is great confidence that the cuts to borrowing costs, which we have seen following Trump's tariffs, are more stable and not just an immediate reaction. The hope will be that this competition continues and drives mortgage rates down further.
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Editor
Pete MuglestonVerified
Mortgage Advisor & Managing Director at onlinemortgageadvisor.co.uk
More rate cuts are more than welcome, and this is a clear sign that the market is quickly warming up as we head into the summer months. This is excellent news for borrowers and will put many at ease, especially looking to remortgage in the next couple of months. It's likely we haven't seen the last of the rate cuts, with more lenders likely to join the party in the coming days. With an anticipated cut in the base rate next month, too, things are looking up for borrowers.
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Elliott CulleyVerified
Director at Switch Mortgage Finance
Lenders continuing to reduce rates is always a positive sign for the market and will help improve borrowers' finances going forward. More help is needed for first-time buyers, as traditionally they are in need of higher loan to value products, which are not always the priorty for lenders as most will prioritise their lower loan to value products first.
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Sean Horton0
Managing Director at Respect Mortgages
Another welcome round of cuts from Barclays, coming hot on the heels of Gen H's reductions. The mortgage market is certainly warming up, with lenders jostling for position. These sub-4% rates will please many buyers and those looking to refinance. The Barclays 5-year fixed at just 4.37% with no fee at 85% LTV is particularly eye-catching. Watch this space, as more lenders will likely follow suit as competition intensifies. I still think there's more to come.