A 100% loan to value (LTV) has been launched for buyers without deposit.
The product, which is probably very popular among buyers fighting for a significant deposit, has been launched by April mortgages and it’s aVAILABLE IN FIXED TERMS OF 10 AND 15 YEARS.
Addressed to Buyers with reliable income and good credit history, but there is no access to the ‘Bank of Mum and Dad’ widely used, loans are Available up to 4.49x income without early reimbursement charges due to moving and resentment or resentment of their own funds.
Designed to provide certainty and flexibility in an increasingly inacordable market, BOrrowers benefit from excessive payments without limit and a reduction in automatic rate as capital is built.
James Pagan, product director at April Mortgages, said: “Saving for a deposit remains one of the largest barriers for housing ownership, even for those with strong income and a solid credit profile. We believe that the answer is not losing standards, but in the design of products that are better realities of current housing.
“Our new mortgage without deposit brings together credit, and affordable controls with long -term certainty of a fixed rate of 10 or 15 years. It is an option responsible for borrowers with solid financial stories that are excluded by traditional deposit requirements.
“By eliminating the need for savings in advance and providing long -term payment security, we are giving runners a new way of supporting unattended buyers. We have worked closely within the design of the product to ensure that this is a modern market.”
Rachael Hunnisett, director of Mortgage Distribution in April Mortgages, added: “The real estate market has changed dramatically. WashingtonThe growth of ge fight to compete with the increase housing pricesBeing the owner of a home, has become more difficult to achieve, even those with constant income. But having a place to call Your own It still brings security, stability and freedom to build a life, and that should not feel out of reach.
“IN April, we are committed to making mortgages simpler, more flexible and more appropriate for the way people live today. That is why we have added a true bounting of loans to our modern mortgage products: For greater affordability with Affordability+ al flexibility Or only interest+. Combined with our exhaustive controls of affording and long -term certainty of a fixed rate of 10 or 15 years, we are helping people not only upload to the property. staircase but Keep it with confidence. “
Reflecting on 100% LTV mortgage from April Mortgages, Nick Mendes, mortgage technical manager at John Charcol, declared: “There is no mortgage of the mortgage of the mortgage of Mortgages at a crucial moment for the market. With the prices of housing still near the records and rental costs that continue to upload, saving a deposit is an insurmountable challenge for many wind and wind buyers.
“This product sacrifices a very necessary alternative for financial response rentals that have constantly managed their payments but have blocked bones of the real estate market. The ability to borrow up to 100 percent with a need for long -term and fixed that they need urgently.
“What really stands out is the flexibility incorporated into the product. Eliminate early reimbursement charges when moving home or making excessive payments gives borrowers freedom and control, which are missing in traditional solutions of products of products. Trust. “
Kate Fuller, Business Principle, Mortgage Advice Office, said: “We are really excited about the 100% Mortgage mortgage. We know that this will be very useful for people who are dreaming of having a house and have no way to save for a Deposit, or access to family support. This will really give thesis customs a path to follow. We live 100% of mortgages like this since 2008, so seeing them finally return, really shows how much positivity there is in the real estate market at this time and we only want to thank April for this innovative product. “
David Hollingworth, associate director of L&C Mortgages, commented: “Not only are housing prices high, but the rent and cost of living have increased substantially in recent years. First time BuyersIn particular, it must Therefore, fighting the difficulty of building an adequate deposit and too often will depend on parents’ help.
“That aid is not available for everyone, so solutions for those with little or no deposit but solid affordability, It could bring renewed hope and accelerate the opportunity to buy.
“Fixed long -term offers will give stability to buyers, while they still allow the rate to fall as they advance in the mortgage. The lack of links if there is a house or a subsequent gain to pay more, also gives significant flexibility.”
