GE Money Home Lending reduces rates on First National product range

GE Money Home Lending, one of the UK’s leading specialist lenders, is reducing the interest rates on over 60% of its First National products, including fixed and discount rate mortgages.

The rate reduction comes ahead of next week’s Bank of England base rate decision, in which many are predicting a rate rise and comes at a time when many lenders have withdrawn their fixed rate products and repriced upwards.

The revised rates will be available to new and existing intermediaries and covers the entire First National product range, including its direct-to-broker range.

The refresh will see GE Money Home Lending offering;

Lowered fixed rates - from as little as 5.44%
Reduced rates across light-to-medium, medium and high adverse products
Lowered reversionary rates on loan-to-values over 75% to 95% for First Time Buyer+ and Near Prime+
Vast majority of initial rates reduced, by as much as 0.25%

Duncan Berry, Director of Mortgage Sales, GE Money Home Lending, said: “In recent weeks we have seen many lenders withdrawing their fixed rate products as speculation around a bank base rate rise next week gathers pace. At GE Money Home Lending, we think it is important to provide our customers with access to the right products at competitive prices and have decided to reduce the vast majority of our initial rates on our First National product range.

“The rate reductions provide our intermediaries with access to competitively priced products at a time when their customers are increasingly concerned about a further hike in interest rates.”