April Mortgages has launched a long-term 100% loan-to-value home loan.
The lender’s No Deposit Mortgage is available at up to 4.49 times income on 10- and 15-year fixed terms.
It comes with no early repayment charges for moving and redeeming or redeeming from the borrower’s own funds.
The firm says the loan is, “targeted at buyers with reliable incomes and good credit histories but no access to the widely used ‘Bank of Mum and Dad’”.
April Mortgages director of product James Pagan adds: “Saving for a deposit remains one of the biggest barriers to home ownership, even for those with strong incomes and a solid credit profile. We believe the answer lies not in loosening standards, but in designing products that better reflect the realities of today’s housing market.
“Our new No Deposit Mortgage brings together full credit, and affordability checks with the longer-term certainty of a 10 or 15-year fixed rate.
“It’s a responsible option for borrowers with strong financial track records who are excluded by traditional deposit requirements.
April Mortgages director of mortgage distribution Rachael Hunnisett points out: “The housing market has shifted dramatically. Wage growth struggles to compete with rising house prices, owning a home has become harder to achieve — even for those with steady incomes.
“But having a place to call your own still brings security, stability, and the freedom to build a life — and that shouldn’t feel out of reach.”
