Just Mortgages has been announced as the first national high street estate agency linked broker to offer April Mortgages’ new 100% loan-to-value mortgage – a no-deposit product aimed at credit-worthy buyers without savings.
The tie-up means the April Mortgages product will only be available in national estate agency branches through Just Mortgages, including those within the Spicerhaart network such as haart, Felicity J Lord, Chewton Rose, Darlows and Haybrook. The brokerage also supports nearly 500 self-employed advisers, giving it a total footprint of 650 across the UK.
The product, which has attracted national press coverage since launch, is intended to help both first time buyers and home movers who are able to afford monthly repayments but lack the savings required for a deposit. It is available with 10 or 15-year fixed rates and features automatic rate reductions as the borrower pays down the loan and the LTV decreases.
Other features include no early repayment charges for movers, unlimited overpayments, and loan amounts of up to £600,000. Borrowers can access up to 4.49 times their income, subject to eligibility.
John Phillips, chief executive of Just Mortgages and Spicerhaart, described the agreement as a “massive coup” for the business, saying: “It speaks volumes of how we are viewed in the industry and the service we provide through our talented advisers nationwide. It’s no secret that budding house buyers have been crying out for further support and this sensible and well thought out solution from April Mortgages presents a fantastic option.
“In lieu of any government support, it’s great to see a lender like April Mortgages answering the call of first-time buyers, bringing real innovation to those who are eager to realise their dreams and buy their own home.”
Rachael Hunniset, director at April Mortgages, said the firm had been pleased with the early market response to its no-deposit mortgage. “Opening this product up to first time buyers and those who have previously owned a home provides a route to homeownership for so many. Saving for a deposit can be a challenge, whether you are starting out or starting over.
“Just Mortgages is the perfect partner to carry our new no deposit mortgage, given their fantastic footprint, proven reputation and clear ability to deliver responsible, high-quality advice.”
