April Mortgages has launched a lending criteria allowing borrowers to access up to seven times their income on 10-year and 15-year fixed rate products through intermediaries.
The new deal, aimed at tackling affordability issues, is available to applicants with a household income of £50,000 or more and offers up to 85% loan-to-value (LTV).
Loans can range from £50,000 to £1m, with exceptions up to £2m considered.
The term can be up to 40 years and is available for residential purchases and remortgages, but not for new builds or buy-to-let (BTL), across England and Wales.
Borrowers must be under 80 years old at the end of the term.
April Mortgages said the longer-term fixed rates give borrowers more payment certainty, which allows for the higher income multiples.
The products feature no early repayment charges when moving home or repaying from personal funds, uncapped overpayments, and automatic rate reductions as the loan-to-value decreases.
James Pagan (pictured), director of product, portfolio & operation at April Mortgages, said: “Affordability continues to be one of the biggest barriers for borrowers, as wage growth struggles to keep pace with rising house prices.
“For many, homeownership feels increasingly out of reach.
“By raising income multiples to up to 7x on our 10- and 15-year fixed rate products, we’re giving brokers a powerful tool to help clients with strong earnings but limited borrowing options under standard LTI caps.”
Pagan added: “Longer-term lending offers clients the stability of predictable payments and peace of mind – but we’ve gone a step further by removing the usual compromises.
“Our products combine the certainty of a fixed rate with the freedom to move or repay early without penalties, and rates that automatically reduce as the loan-to-value improves.
“It’s a pragmatic, future-ready solution that gives advisers greater flexibility at a time when the market needs it most.”
