April Mortgages has launched a unique five to 15-year fixed rate remortgage product with HLP and Stonebridge.
Rates on the product start at 4.99% with fixed terms available from five, seven, 10, 12 and 15 years.
The proposition has been backed by DMFCO, the Dutch asset manager that launched Munt, a lender which became a top five provider within eight years of launch in the Netherlands.
April confirmed that the new offering has no early repayment charges for borrowers moving house or using their own funds to repay the mortgage. The current deals are available for remortgages only from 85% LTV but will be extended to include house purchase up to 95% LTV in the coming months.
On top of a procuration fee the mortgage products also offer brokers an additional annual service fee from the fifth anniversary of the product start date. April also revealed there are additional fees for product transfers and for further lending.
“We believe this is a fairer way to approach mortgage lending and it addresses the key objections often raised by brokers around early redemption charges and product lock-ins,” commented April commercial director, Tim Hague.
“The addition of the annual service fee not only reflects advisors’ hard work but also means they can embed real value into their own businesses.”
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