In a housing market where saving for a deposit feels like climbing Everest in flip-flops, April Mortgages has just thrown prospective buyers a proper lifeline. They’ve unveiled a game-changing 100% mortgage that’s turning heads across the industry – and potentially opening doors (quite literally) for thousands of would-be homeowners.
Breaking Down the Barriers
Let’s face it – the deposit hurdle has been getting higher while our savings accounts struggle to keep pace. April Mortgages’ aptly named “No Deposit Mortgage” targets individuals with stable incomes and clean credit histories who’ve been watching the property ladder drift further away despite having the monthly income to comfortably service a mortgage.
And before your eyebrows raise too high – no, this isn’t one of those too-good-to-be-true schemes with hidden catches lurking in the small print. April Mortgages is positioning this as a straightforward solution designed for today’s economic realities.
What’s in the Box?
The mortgage comes with some genuinely attractive features:
- Fixed rate options over 10 or 15 years, giving you predictability when budgeting (no nasty surprises when the Bank of England makes its next move)
- A clever interest rate that automatically decreases as your equity grows – rewarding you for sticking with it
- No early repayment charges if you’re moving home or using your own funds to clear the debt
- Freedom to make unlimited overpayments without penalty – chip away at that balance whenever you can
Currently, the product is available for home purchases only, with rates available at up to 4.49 times your income on both fixed term options.
Who’s It Actually For?
April Mortgages isn’t throwing caution to the wind here. They’re targeting individuals earning £24,000+ with robust credit histories. This focus on affordability and creditworthiness rather than deposit size represents a fresh approach to responsible lending.
As James Pagan, Director of Product at April Mortgages, puts it: “Saving for a deposit remains one of the biggest barriers to home ownership” – even for those with otherwise solid financial foundations.
Rachael Hunnisett, their Director of Mortgage Distribution, highlights the widening gap between wage growth and house prices that’s made the traditional path to homeownership increasingly difficult to navigate.
Is This Your Yes! Moment?
For many who’ve been renting while watching property prices climb, this could be the breakthrough opportunity. The combination of long-term rate security, built-in flexibility, and focus on affordability creates a pathway that simply hasn’t existed in the mainstream market.
Could this innovation trigger a wave of similar products across the industry? We’ll be watching closely – and helping our clients capitalise on the best options for their unique circumstances.
Want to explore whether this or other innovative mortgage solutions might be your ticket to homeownership? Let’s chat about your options and find the perfect fit for your situation.
The information contained in this article does not constitute financial or mortgage advice from Dwello Mortgages. It is provided for general informational and educational purposes only. No information contained constitutes a solicitation, recommendation, endorsement or offer by Dwello.
Dwello is not making any representations or warranties, and assumes no liability, for the content provided in this article, including any third party information. Consumers should always consult their own financial advisors before making any mortgage or remortgage decisions based on this type of general market commentary and analysis.
All mortgage pricing, rate scenarios and cost comparisons used are hypothetical examples. Actual rates, fees and mortgage costs may vary based on the specific lender and the individual borrower’s personal financial circumstances.
Dwello Mortgages, a trading style of Dwello Mortgages Limited is an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority. Dwello Mortgages Limited is registered in England and Wales with company number 14432864. Registered Office: St James House, Hollinswood Road, Telford TF2 9TW
