April Mortgages has launched a new range of New Build mortgages, lending up to 90% loan-to-value (LTV) on both houses and flats.
The lender will accept builder incentives up to 5% with no penalty to the borrower, and is allowing up to seven times loan-to-income (LTI) on 10-year fixed rates or where applicants have income above £50,000.
The product is available for both employed and self-employed applicants and offers will be valid for nine months.
There are no early repayment charges (ERCs) when borrowers move or repay using their own funds, and unlimited overpayments are permitted.
Fixed rates are available from five to 15 years, and the mortgage rate will reduce automatically as the LTV drops.
James Pagan, director of product at April Mortgages, said: “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, said: “We’ve built our New Build criteria hand-in-hand with new build advisors 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.”
Hunnisett added: “From higher income multiples and accepting builder incentives to 9-month offers and lending up to 90% LTV on flats, we’re making New Build lending simpler, more accessible, and adviser-friendly.”
