April Mortgages has announced the launch of its new build mortgage proposition.
Across the range, April will lend up to 90% LTV on both houses and flats, accepting up to 5% builder incentives, and providing up to 7x LTI for eligible borrowers.
April offers fixed terms from 5 to 15 years, unlimited overpayments, and no ERCs when moving or repaying.
The lender will accept self-employed income across the range, with up to 7x LTI available on 10-year fixed rates or with £50,000+ income.
James Pagan, director of product at April Mortgages, commented: "It’s our pleasure to bring peace of mind to the new build market as we continue our roll out April’s innovative concept to more and more segments of the market. Our new build criteria comes with all the certainty and flexibility you’d expect from an April mortgage, supported by competitive affordability, maximum LTIs and LTVs.”
Rachael Hunnisett, director of mortgage distribution at April Mortgages, added: "We’ve built our new build criteria hand-in-hand with new build advisers and housing developers. Understanding the nuance of this sector has been central to shaping April’s innovative approach, so we can help more people into homes.
"Our new build criteria is designed to help advisers say ‘yes’ more often. From higher income multiples and accepting builder incentives to nine-month offers and lending up to 90% LTV on flats, we’re making New Build lending simpler, more accessible, and adviser-friendly."
