Just Mortgages has been selected as the first national high street estate agency-linked broker partners for April Mortgages 100% LTV mortgage.
The partnership means that the deal is only available in national estate agencies through Just Mortgages.
This covers Spicerhaart estate agent branches nationwide covering brands such as Haart, Felicity J Lord, Chewton Rose, Darlows and Haybrook, as well as nearly 500 self-employed advisers across the UK. Just Mortgages also has 650 advisers across the country.
April Mortgages brought out its 100% LTV mortgage deal earlier this month to help more borrowers get onto the property ladder.
The No Deposit Mortgage is targeted at borrowers who are renting and cannot save for a deposit, and do not have access to the Bank of Mum and Dad.
The firm will lend up to 100% of a property’s value at 4.49 times income, on fixed terms of 10 or 15 years.
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The interest rate will also automatically fall as borrowers move into lower loan to value (LTV) bands.
The minimum income allowed for one applicant is £24,000, and up to two applicants under the age of 70 can be on the mortgage.
There are also no early repayment charges for movers and unlimited overpayments. It is available on homes up to £600,000.
John Phillips, CEO of Just Mortgages and Spicerhaart, said: “This is a massive coup for Just Mortgages to be the exclusive home of April Mortgages’ new no deposit offering. 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. It’s great to be working with the team at April Mortgages and we are excited to see what we can achieve together for the benefit of buyers all across the UK.”
Rachael Hunniset, director at April Mortgages, added: “We’ve been delighted with the market response to our 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. Not only are Just Mortgages highly regarded within the lender community, but customers – including many first-time buyers – continue to rate them for their high levels of service. This is an exciting partnership and we look forward to working with the team at Just Mortgages to help more people purchase their first home.”
