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Gen H drops homebuying bundle rates by up to 40 bps: "It’s great that a large number of lenders are repricing downwards in unison"

ended 09. July 2024

Gen H has announced cuts to its homebuying bundle rates of up to 40 bps this week. The homebuying bundle is available for customers who take a Gen H mortgage and conveyancing with Gen H Legal, the lender’s independent conveyancing arm. The highlight rates, which are already available, are below. Newspage asked brokers for their views, bottom.

  • 2-year homebuying bundle rates are decreasing by up to 40 bps
  • 3-year homebuying bundle rates are decreasing by up to 30 bps
  • 5-year homebuying bundle rates are decreasing by up to 20 bps

Pete Dockar, Gen H Chief Commercial Officer, said:

“Gen H Legal was founded on the same ethos as Gen H – to reimagine the tools and processes that could make homebuying simple, transparent and fair for buyers in an incredibly difficult market. Whilst the two businesses share this founding principle, Gen H Legal is independently operated by a highly skilled and experienced team of committed solicitors and assistants, and we are delighted that we’ve been able to bring this productive, customer-focused relationship to market.”

5 responses from the Newspage community

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Editor
Andrew Montlake
Managing Director at Coreco
As a lender, Gen H are really starting to go through the gears. These rate cuts are yet more evidence of the growing confidence that the first rate reduction from the Bank of England is coming soon. Following other lenders such as Nationwide yesterday, this is precisely what borrowers want to see and will boost demand and options.
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Riz Malik
Independent Financial Adviser at R3 Wealth
These are decent cuts and Gen H is showing that it is eager to do business. It’s great that a large number of lenders are repricing downwards in unison. This suggests the second half of this year looks a lot more favourable for the UK's beleaguered borrowers. Things are really brightening up right now.
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Emma Jones
Managing Director at Whenthebanksaysno.co.uk
It’s great to see Gen H getting behind borrowers, as many lenders are right now. Not a day goes by now without a lender reducing their rates and it will all help to drive demand and revitalise the property market. If, as many predict, the Bank of England cuts rates at its next meeting, demand for property could go supersonic.
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Dariusz Karpowicz
Director at Albion Financial Advice
This is great news from Gen H and a very positive signal. Gen H's initiative to bundle their mortgage with conveyancing services is a smart, customer-focused approach. This could simplify the homebuying process for many, making it more transparent and fair. Let’s hope this trend continues and more lenders follow suit.
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Simon Bridgland
Director at Charwin Private Clients
I’m not convinced the higher interest rate offered by Gen H's Homebuying Bundle, even after the rate drop which took place yesterday is a good thing. For the sake of a small amount of form filling by a borrower I feel that the time saved would be minimal and certainly not justify the extra costs in interest of roughly 1.2% if you compare a market leading 5 year fixed. Additionally, using the example on Gen H’s own website the legal side works out at over £300 more than a competitive solicitor in the market. That said Gen H can offer other benefits which may be beneficial to certain situations, such as an income booster and a deposit booster, cue jazz hands.