"After their success in the Netherlands, I look forward to seeing how Twenty7tec can support April Mortgages' ambitions in the UK market."
- Nicole Smith, lender national account manager at Twenty7tec
Twenty7tec has added new long-term fixed rate lender, April Mortgages, to its SOURCE module.
The lender launched its fixed rate flexible product earlier this year. 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's sister lender, MUNT, has experience with this approach to mortgages in the Netherlands, lending to more than 100,000 borrowers.
Nicole Smith, lender national account manager at Twenty7tec, commented: “We’re pleased to be working with April Mortgages and welcome the opportunity to assist with their presence in the Intermediary space.
“April’s approach to lending is modern and flexible. It allows advisers to lock their clients in for longer terms, giving them peace of mind in a difficult market over the last 18 months with rising interest rates and increased pressure from the ongoing cost-of-living crisis. After their success in the Netherlands, I look forward to seeing how Twenty7tec can support April Mortgages' ambitions in the UK market.
“Residential remortgage products will be available to SOURCE for HLP advisers via our Twenty7tec Velocity platform. In addition, April Mortgages’ lending criteria will be available to search alongside their products, providing certainty to users earlier in the research process.”
Tim Hague, commercial director at April Mortgages, added: “Our approach is about being fairer to borrowers. Every fixed rate offers peace of mind but with added flexibility when borrowers’ circumstances change, we won’t penalise them for moving home or paying off the loan, and we will reward them for paying down the loan by reducing their rate.
“Only available through the HL Partnership and Stonebridge networks initially, we want to build long-term relationships with borrowers and brokers, which is why our model rewards brokers over the life of the loan.”
