Generation Home (Gen H) has reduced rates by up to 10 basis points on three- and five-year 90% and 95% LTV products.

The specialist lender has also increased selected homebuying products by two and five basis points.

The new rates will take effect today (19 February) at 5:30 pm.

The rate changes follow a record January for the lender after it announced it had seen a 134% increase in the volume of applications with income boosters.

Over 40% of January applications were first-time buyers while 24% of applications were second time buyers looking to get back onto the property ladder.

Gen H chief commercial officer Peter Dockar says: “It has been a volatile few weeks in mortgage pricing, but we feel it’s more critical than ever to deliver on our promises to keep our rates as low as we can – especially at those higher LTVs.”

“We’re always on the lookout for opportunities to cut rates across the board, and will be monitoring this very closely in coming days and weeks to see if we can make further reductions.”