"We believe this is a fairer way to approach mortgage lending and it addresses the key objections often raised by brokers around early redemption charges and product lock-ins."
- Tim Hague, April’s commercial director
New mortgage lender, April Mortgages, has entered the market with a longer term fixed rate mortgage offering.
Rates start at 4.99% with fixed terms available from five, seven, ten, twelve and fifteen years.
The current deals are available for remortgages from 85% LTV but will be extended to include house purchase up to 95% LTV in the coming months.
As part of the offering, borrowers will benefit from a lower rate automatically as mortgage balances reduce and LTVs fall.
In addition, there are no early repayment charges for borrowers moving house or using their own funds to repay the mortgage.
April has initially launched its range through HLP and Stonebridge.
The mortgage products offer brokers a procuration fee and then an additional annual service fee from the fifth anniversary of the product start date. There are also additional fees for product transfers and for further lending.
Tim Hague, April’s commercial director, said: “We believe this is a fairer way to approach mortgage lending and it addresses the key objections often raised by brokers around early redemption charges and product lock-ins.
"The addition of the annual service fee not only reflects advisers’ hard work but also means they can embed real value into their own businesses.”
