April Mortgages has launched a new 100% LTV mortgage, available on 10 and 15-year fixed terms.
The product is targeted at buyers with reliable incomes and good credit histories but no access to the 'Bank of Mum and Dad'.
Loans are available up to 4.49x income with no early repayment charges for moving or repaying using personal funds.
Rates start from 5.99% and interest rates automatically reduce over time when borrowers move into lower LTV bands as their equity increases. Borrowers can also benefit from uncapped overpayments.
James Pagan (pictured), director of Product at April Mortgages, commented: "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.
"By removing the need for upfront savings and providing payment security over the long term, we're giving brokers a new way to support underserved buyers. We've worked closely within the product design to ensure this is a sustainable product, built for the realities of the modern market."
Rachael Hunnisett, director of mortgage distribution at April Mortgages, added: "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.
"At April, we're committed to making mortgages simpler, more flexible, and better suited to the way people live today. That's why we've added a real borrowing bounce to our modern mortgage products: from increased affordability with AffordAbility+ to the flexibility of Interest Only+. Combined with our thorough affordability checks and the long-term certainty of a 10 or 15-year fixed rate, we're helping people not just get on the property ladder but stay on it with confidence."
