April Mortgages is a new lender in the UK mortgage market, aiming to simplify the process of buying a home with a range of innovative products. Their focus is on providing long-term certainty and flexibility to borrowers, with a number of unique features that set them apart from traditional lenders. This guide will provide a comprehensive overview of what April Mortgages has to offer.
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What types of mortgages does April Mortgages offer?
April Mortgages offers a range of residential mortgages designed to cater to a variety of circumstances, from first-time buyers to those looking to remortgage. Their product range is built around the principles of simplicity, certainty, and flexibility.
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Long-Term Fixed Rates: April Mortgages specialises in long-term fixed-rate mortgages, with terms ranging from 5 to 15 years. This provides borrowers with the peace of mind of knowing exactly what their monthly payments will be for a significant period.
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No Deposit Mortgages: For those with a good credit history and a sufficient income but limited savings, April Mortgages offers a 0% deposit mortgage. This product is designed to help more people get onto the property ladder without the need for a large upfront sum.
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High Income Multiples: April Mortgages is willing to lend up to 7 times a borrower's income, which can be a significant advantage for those who can afford higher monthly payments but are limited by traditional lending criteria.
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New Build Mortgages: They have a specific range of mortgages for new build properties, with LTVs of up to 90% on both houses and flats, and they accept up to 5% in builder incentives.
April Mortgages' Unique Features
April Mortgages has several features that distinguish them from other lenders:
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Automatically Reducing Interest Rate: As you pay off your mortgage and your LTV decreases, April Mortgages will automatically reduce your interest rate. This rewards you for building equity in your home and can lead to significant savings over the life of the mortgage. This type of product is known as a Dutch-style mortgage.
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No Early Repayment Charges (ERCs) on Moving Home: A major point of difference is that they do not charge ERCs if you sell your home and move. This gives you the flexibility to move without being tied down by your mortgage.
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Unlimited Overpayments: You can make unlimited overpayments on your mortgage without penalty, which allows you to pay off your loan faster and save on interest.
April Mortgages' Lending Criteria
To be eligible for a mortgage with April Mortgages, you will need to meet their specific lending criteria. While detailed information is best obtained through a mortgage broker, here are some of the key points from their website:
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Income: For their no-deposit mortgage, you need to earn a minimum of £24,000 per year. For their higher income multiple products, your individual circumstances will be assessed.
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Credit History: A clean credit history is required for all their mortgage products.
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Property Type: They offer mortgages for a range of property types, including new builds.
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What do customers say about April Mortgages?
As a relatively new lender, there is limited customer feedback available for April Mortgages. However, their innovative approach to lending has been well-received in the mortgage industry press. Their focus on long-term fixed rates and flexibility is seen as a positive development for borrowers.
Pros and Cons of an April Mortgages Mortgage
Pros:
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Long-Term Certainty: Their 5 to 15-year fixed rates provide long-term stability for your monthly payments.
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Flexibility: No ERCs on moving home and unlimited overpayments give you a great deal of flexibility.
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Innovative Features: The automatically reducing interest rate is a unique feature that can save you money.
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Accessibility: Their no-deposit and high-income-multiple mortgages can help more people to buy a home.
Cons:
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New Lender: As a new player in the market, they do not have the long-standing track record of more established lenders.
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Limited Product Range: Their focus is on long-term fixed-rate residential mortgages, so they may not be suitable for everyone.
How to apply for a mortgage with April Mortgages
We can guide you through the process of applying for a mortgage with April Mortgages. You will need a broker, like us, to do this as they do not deal with the general public directly.
Simply make an enquiry with us and one of our independent advisers will walk you through the initial steps and help you get started.
These steps will include:
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Optimising your credit reports and getting you mortgage ready
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A full comparison of rates across the market to establish whether Coventry Building Society is the right lender for you
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Applying for an agreement in principle
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Moving ahead to full application
Make an enquiry here to begin a free, no-obligation chat with a mortgage broker who knows April Mortgages’ product range well and can compare their deals with every alternative for you.