Gen H has cut rates on a number of deals and Principality Building Society is set to cut product throughput rates by up to 25 basis points tomorrow.
The Gen H cuts went into effect yesterday and were the third round of cuts in three weeks.
The lender reduced its New Build Boost prime rate by 15 basis points to 6.14%, bringing the effective rate to 5.17%.
The product combines an 80% mortgage with a 15% interest-free title loan, allowing buyers to purchase a new property with a 5% deposit.
Since borrowers only pay interest on the 80% component of the mortgage, Gen H says the effective rate across the entire 95% amount borrowed is 5.17%.
Other cuts yesterday included a reduction in two- and three-year fixed rates by 15 basis points, and five-year fixed rates of up to 80% LTV, down 10 basis points.
Five-year fixed rates at 85% and 90% LTV fell by 5 basis points.
Gen H says the changes reflect lower barter rates.
At Principality, product rollover rates are 25 basis points lower on two-year residential fixes and two-year discount rates at 65% LTV.
Two-year buy-to-let reforms and 75% LTV discount rates also fell by 25 basis points.
Holidays allow for five-year fixes and 60% off deals and 75% LTV will fall by the same margin.
The lender reduces transfer rates for other products by up to 20 basis points.
“We’ve cut rates three times in three weeks, and we’re not done yet – we’ll continue to benefit from lower swap rates as long as the market allows,” says Gen H Sales and Distribution Director Sarah Palmer.
“This downward trajectory is a breath of fresh air after a turbulent few months.
“But with nearly 1.8 million fixed deals due for renewal this year, it is important that lenders move quickly to pass interest rate cuts.”
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