Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Market Harborough BS Cuts Fixed Rates; Gen H Unveils Limited-Edition Mortgage

Market Harborough Building Society (MHBS) has announced reductions across its fixed rate mortgage deals, including products for expats and high-net-worth individuals. Gen H has launched a limited-edition two-year fixed rate for loans above £400,000, alongside reductions on high loan-to-value (LTV) products.

MHBS has reduced its two-, three-, and five-year fixed rates by up to 0.23%, 0.21%, and 0.19% respectively. These changes apply to a range of products, including residential, buy-to-let, holiday let, expat, and high-net-worth mortgages. The society also offers a 'discount, now fix later' option, allowing clients who select a discounted rate to switch to a fixed rate before completion without paying the usual £299 product fee for the switch, for a limited time.

Current MHBS rates start from 5.58% fixed and 5.05% discounted for residential tier one cases, with a £1,495 product fee. For let tier one cases, rates start from 5.99% fixed and 5.46% discounted, including features such as top-slicing and lending into retirement as standard.

Gen H has introduced a limited-edition two-year fixed rate at 4.89% for loans above £400,000 at 60% LTV and below, with a £1,999 fee. The lender has also reduced rates across its high-LTV products: all 95% LTV rates are down by 10 basis points, while 85% and 90% LTV rates are down by 5 basis points. Additionally, products above 4.49 times loan to income at 85%, 90%, and 95% LTV are reduced by an extra 5 basis points.

According to Gen H, the high-LTV reductions are aimed at supporting buyers with small deposits, while the limited-edition low-LTV rate is designed for buyers seeking larger or more expensive properties.

These changes may be of interest to letting agents and inventory clerks monitoring mortgage trends that could impact the rental and sales markets.