The product is available with fixed terms of five, seven, 10, 12, and 15 years
Longer-term residential lender April Mortgages has introduced a new fixed rate remortgage product in collaboration with HLP and Stonebridge.
The product, with rates starting at 4.99%, is available with fixed terms of five, seven, 10, 12, and 15 years.
The new mortgage lender also exempts borrowers from early repayment charges if they decide to move house or repay the mortgage using their own funds. Another feature of the product allows borrowers to automatically benefit from lower rates as their mortgage balance decreases and their LTV improves.
The remortgage deals are now accessible for up to 85% loan-to-value (LTV), with plans to expand the offering to include house purchases at up to 95% LTV in the coming months.
For brokers, the product offers a procuration fee, alongside an additional Annual Service Fee starting from the fifth anniversary of the product start date. Furthermore, brokers can earn extra fees for product transfers and further lending activities.
“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,” commented Tim Hague, commercial director at April Mortgages. “The addition of the annual service fee not only reflects advisors’ hard work, but also means they can embed real value into their own businesses.”
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