Compare Mortgage Rates from April Mortgages Against the Market

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.

You can compare the latest rates from April Mortgages for free below:

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.

• 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.

• 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.

• High Income Multiples: April Mortgages is willing to lend up to 7 times a borrower's income at up to 85% LTV, which can be a significant advantage for those who can afford higher monthly payments but are limited by traditional lending criteria. They can offer up to 6x income at 95% LTV.

• 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:

• 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.

• 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.

• 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:

• 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.

• Credit History: A clean credit history is required for all their mortgage products.

• Property Type: They offer mortgages for a range of property types, including new builds.

Pros, Cons and Customer Reviews

Pros:

• Long-Term Certainty: Their 5 to 15-year fixed rates provide long-term stability for your monthly payments.

• Flexibility: No ERCs on moving home and unlimited overpayments give you a great deal of flexibility.

• Innovative Features: The automatically reducing interest rate is a unique feature that can save you money.

• Accessibility: Their no-deposit and high-income-multiple mortgages can help more people to buy a home.

Cons:

• New Lender: As a new player in the market, they do not have the long-standing track record of more established lenders.

• Limited Product Range: Their focus is on long-term fixed-rate residential mortgages, so they may not be suitable for everyone.

Customer Review Consensus

April Mortgages earns positive feedback from UK mortgage brokers and borrowers seeking long-term rate stability paired with uncharacteristic flexibility:

• What Borrowers Praise: Clients frequently highlight the peace of mind offered by 5 to 15-year fixed-rate terms, which eliminate the hassle and recurring arrangement fees of remortgaging every two to five years. Borrowers strongly praise the unique automatic rate reduction feature - where the interest rate automatically drops as the loan-to-value (LTV) improves - as well as the absence of Early Repayment Charges (ERCs) when moving home, selling, or making unlimited overpayments from personal funds. Renters and first-time buyers also value their 100% LTV no-deposit options and relaxed stress testing, which unlock enhanced borrowing capacity.

• Common Grievances: Criticisms center on baseline rate positioning and specific remortgaging restrictions. April's initial fixed interest rates sit slightly higher than competitive short-term 2-year high-street rates. Additionally, while ERCs are waived when selling or moving house, standard ERC penalties still apply if a borrower attempts to switch or remortgage to a competitor lender during the fixed-rate term. Applicants also note that their 100% LTV product excludes flats and new-build properties, and applications cannot be submitted directly without a broker.

Expert Broker Verdict

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:

• Optimising your credit reports and getting you mortgage ready

• A full comparison of rates across the market to establish whether Coventry Building Society is the right lender for you

• Applying for an agreement in principle

• 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 and can compare their deals with every alternative for you.