April Mortgage has launched a long-term 100% loan-to-value home loan.
The lender’s unsecured mortgage can provide up to 4.49 times the income with a fixed term of 10 and 15 years.
It does not have early repayment fees to move and redeem or redeemed from its own funds.
The company said the loan was “targeted to buyers with reliable income and good credit history, but not available to the widespread use of “Mom and Dad Bank”.
“Save deposits remains one of the biggest obstacles to home ownership, even for those with strong incomes and good credit. We believe the answer is not about loose standards, but about designing products that better reflect the reality of today’s real estate market.”
“Our new unsecured mortgages bring together all credit and have long-term certainty for fixed interest rates for 10 or 15 years.
“This is a responsible option for borrowers with good financial records, who are excluded from traditional deposit requirements.
Rachael Hunnisett, director of mortgage distribution in April, added: “The housing market has changed dramatically. The wage growth struggle to compete with rising housing prices, and the competition for owning homes has become more difficult to achieve, even for those with stable incomes.
“But there is a place where you can call yourself to bring security, stability and freedom to build your life, which should not be touched.”
