Just Mortgages has become the first national high street estate agency broker partner for the new 100% loan-to-value (LTV) mortgage from April Mortgages.
The no deposit mortgage is now only available in national estate agencies through Just Mortgages, including advisers in Spicerhaart branches under brands like haart, Felicity J Lord, Chewton Rose, Darlows and Haybrook.
Nearly 500 self-employed advisers and a total of 650 advisers nationwide will have access to the product.
The mortgage is aimed at both home movers and first-time buyers (FTBs) who have the income but not the savings for a deposit.
It is available with a 10-year or 15-year fixed rate, has no early repayment charges (ERCs) for movers, offers unlimited overpayments and loans up to 4.49 times income, and is available on houses up to £600,000.
Borrowers will see automatic rate reductions as the loan is repaid and the LTV improves.
John Phillips (pictured), CEO of Just Mortgages and Spicerhaart, said: “This is a massive coup for Just Mortgages to be the exclusive home of April Mortgages’ new no deposit offering.
“It speaks volumes of how we are viewed in the industry and the service we provide through our talented advisers nationwide.
“It’s no secret that budding house buyers have been crying out for further support and this sensible and well thought out solution from April Mortgages presents a fantastic option.”
Phillips added: “In lieu of any government support, it’s great to see a lender like April Mortgages answering the call of first-time buyers, bringing real innovation to those who are eager to realise their dreams and buy their own home.
“It’s great to be working with the team at April Mortgages and we are excited to see what we can achieve together for the benefit of buyers all across the UK.”
Rachael Hunniset, director at April Mortgages, said: “We’ve been delighted with the market response to our no deposit mortgage.
“Opening this product up to first time buyers and those who have previously owned a home provides a route to homeownership for so many.
“Saving for a deposit can be a challenge, whether you are starting out or starting over.”
Hunniset added: “Just Mortgages is the perfect partner to carry our new no deposit mortgage, given their fantastic footprint, proven reputation and clear ability to deliver responsible, high-quality advice.
“Not only are Just Mortgages highly regarded within the lender community, but customers – including many first-time buyers – continue to rate them for their high levels of service.
“This is an exciting partnership and we look forward to working with the team at Just Mortgages to help more people purchase their first home.”
