A new 100% loan-to-value (LTV) mortgage for buyers with no deposit has been launched.\u00a0<\/span><\/p>\nThe product, which is likely to prove highly popular with purchasers struggling to raise a significant deposit, has been launched by April Mortgages and <\/span>is a<\/span>vailable on 10- and 15-year fixed terms.\u00a0<\/span><\/p>\nTargeted at<\/span> buyers with reliable incomes and good credit histories but no access to the widely used \u2018Bank of Mum and Dad\u2019, loans are <\/span>available up to 4.49x income with no early repayment charges for moving and redeeming or redeeming from own funds.\u00a0<\/span><\/p>\nDesigned to provide both certainty and flexibility in an increasingly unaffordable market, b<\/span>orrowers benefit from uncapped overpayments and an automatic rate reduction as equity builds.<\/span><\/p>\nJames Pagan, director of Product at April Mortgages, said:\u00a0<\/span>\u201cSaving 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\u2019s housing market.<\/span><\/p>\n\u201cOur new No Deposit Mortgage brings together full\u00a0<\/span>credit,<\/span>\u00a0and affordability checks with the longer-term certainty of a 10 or 15-year fixed rate. It\u2019s a responsible option for borrowers with strong financial track records who are excluded by traditional deposit requirements.<\/span><\/p>\n\u201cBy removing the need for upfront savings and providing payment security over the long term, we\u2019re giving brokers a new way to support underserved buyers. We\u2019ve worked closely within the product design to ensure this is a sustainable product, built for the realities of the modern market.\u201d<\/span><\/p>\nRachael Hunnisett, director of mortgage distribution at April Mortgages, added:\u00a0<\/span>\u201cThe housing market has shifted dramatically.<\/span>\u00a0<\/span>Wa<\/span>ge growth struggles to compete with rising\u00a0<\/span>house prices<\/span>, owning a home has become harder to achieve \u2014 even for those with steady incomes. But having a place to call\u00a0<\/span>your own<\/span>\u00a0still brings security, stability, and the freedom to build a life \u2014 and that shouldn\u2019t feel out of reach.<\/span><\/p>\n\u201cAt<\/span>\u00a0April, we\u2019re committed to making mortgages simpler, more flexible, and better suited to the way people live today. That\u2019s why we\u2019ve added a real borrowing bounce to our modern mortgage products<\/span>:<\/span>\u00a0from increased affordability with\u00a0<\/span>AffordAbility<\/span>+ to the\u00a0<\/span>flexibility<\/span>\u00a0of Interest Only+. Combined with our thorough affordability checks and the long-term certainty of a 10 or 15-year fixed rate, we\u2019re helping people not just get on the property\u00a0<\/span>ladder but<\/span> stay on it with confidence.\u201d<\/span><\/p>\nReflecting on April Mortgages\u2019 new 100% LTV mortgage product,\u00a0<\/span>Nick Mendes, mortgage technical manager at John Charcol, stated:\u00a0<\/span>\u201cApril Mortgages\u2019 No Deposit Mortgage arrives at a crucial time for the market. With house prices still near record highs and rental costs continuing to climb, saving for a deposit is an insurmountable challenge for many would-be buyers, particularly those without access to financial support from family.<\/span><\/p>\n\u201cThis product offers a much-needed alternative for financially responsible renters who have consistently managed their payments but have been locked out of the housing market. The ability to borrow up to 100 per cent with a longer-term fixed rate provides both accessibility and stability, two things first-time buyers urgently need.<\/span><\/p>\n\u201cWhat really stands out is the flexibility built into the product. Removing early repayment charges when moving home or making overpayments gives borrowers freedom and control, which is often missing from traditional longer-term fixes. It is a smart, well-structured product that addresses today\u2019s affordability challenges head-on and will undoubtedly help more people take that first step onto the property ladder with <\/span>confidence.\u201d<\/span><\/p>\nKate Fuller, Business Principle, Mortgage Advice Bureau, stated:\u00a0<\/span>\u201cWe are really excited by April Mortgage\u2019s 100% mortgage. We know this will be so helpful to people who are currently only dreaming of owning a house, and have no way to save for a\u00a0<\/span>deposit,<\/span>\u00a0or access to family support. This will really give these customers a way forward. We haven\u2019t seen 100% mortgages like this since 2008, so to see them finally return really shows how much positivity there is in the property market right now and we just want to thank April for this innovative product!\u201d<\/span><\/p>\nDavid Hollingworth, associate director at L&C Mortgages, remarked<\/span>:\u00a0<\/span>\u201cNot only are house prices high but rent and the cost of living have increased substantially in recent years. \u00a0<\/span>First time<\/span>\u00a0buyers<\/span>, in particular, must<\/span>\u00a0therefore battle with the difficulty of building an adequate deposit and all too often will rely on help from parents.<\/span><\/p>\n\u201cThat help isn\u2019t available to everyone, so solutions for those with little or no deposit but solid <\/span>affordability,<\/span>\u00a0could bring renewed hope and accelerate the chance to buy.\u00a0<\/span><\/p>\n\u201cApril\u2019s long term fixed deals will give rate stability to buyers, whilst still enabling the rate to drop as they make inroads into the mortgage. \u00a0The lack of tie ins if there\u2019s a later house move or chance to overpay, also gives important flexibility.\u201d<\/span><\/p>\n\u00a0<\/p>\n<\/p><\/div>\n
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