April Mortgages launched a new proc fee structure for with additional payments throughout the life of the loan.

The lender, which specialises in long-term fixed rates of five to fifteen years, will pay an initial procurement fee of 45 basis points at completion.

It will then pay an additional 30bps on every fifth anniversary of the mortgage, for the remainder of the fixed term.

On a 10-year fix it means brokers will receive an initial proc fee plus one additional payment, while for a 15-year deal they would get two extra payments.

The lender will also pay 45bps on product transfers and further advances.

April recently increased maximum loan-to-income multiples to up to six times income and relaxed criteria on borrowers using gifts.

Director of product and portfolio management James Pagan says: “We are passionate about making the mortgage market more simple, for brokers as well as borrowers.

“Listening to brokers has already resulted in a host of significant improvements to our offering, including our new, simplified proc fee structure.

“We want brokers to feel the same peace of mind and security from a longer-term fixed rate as their clients.

“April Mortgages looks forward to continuing to work closely with brokers as we modernise the structure of fixed rate lending and the peace of mind benefits this will bring.”