Gen H has announced a rate cut for its mortgage scheme New Build Boost.

The New Build Boost rate has been cut from 6.29% to 5.95%. This change is already live in Gen H Pro and available for New Build Boost brokers.

New Build Boost launched in late March as a private sector take on Help to Buy with several key improvements. Buyers bring a 5% deposit, take an 80% mortgage with Gen H, and receive an interest-free 15% boost – an equity loan which is frozen for five years – to close the gap.

According to the lender, so far, 94% of New Build Boost applicants have been first-time buyers, ranging in age from 19 to 52.

Commenting on the product Gen H chief commercial officer Pete Dockar said:

“The feedback we’ve been getting from New Build Boost brokers was overwhelmingly positive, but it came with an ask: make the New Build Boost rate begin with a “5”!

I’m delighted that we’ve found a way to make it work, and am excited to see more New Build Boost homeowners join our books. The scheme supports people with no other path onto the property ladder, so every single completion is a huge win.”