Gen H has cut the rate on its New Build Boost mortgage scheme by 15bps, taking the effective rate to 5.17% for buyers using the lender's 5% deposit new build product.
The scheme pairs an 80% mortgage with a 15% interest-free equity loan, letting buyers, including foreign nationals, purchase a new build home with just a 5% deposit.
New Build Boost's 6.14% headline rate, charged only on the 80% main mortgage, is equivalent to a blended rate of 5.17% when spread across the full 95% borrowed.
Gen H has approved in principle over £150m in lending through New Build Boost since its March 2025 launch, with foreign nationals and healthcare workers making up a large share of applicants.
The cut is part of a wider repricing across Gen H's range – its third round of reductions in three weeks – as falling swap rates give lenders room to reduce ahead of an active summer market.
As a result, all two and three-year fixed rates are down by 15bps, five-year rates up to 80% LTV by 10bps, and five-year rates at 85% and 90% LTV by 5bps.
Gen H's latest move follows cuts of up to 20bps on its five-year products and 15bps on two-year products earlier in June.
Sara Palmer, sales and distribution director at Gen H, said: “We've cut rates three times in three weeks, and we're not done – we'll keep passing through the benefit of falling swap rates for as long as the market allows. This downward rate trajectory is a breath of fresh air after a turbulent few months. But with nearly 1.8 million fixed deals coming up for renewal this year, it matters that lenders move fast to pass through rate reductions – and that's exactly what we're built for.”
