April Mortgages has launched a new mortgage for borrowers with a down payment of 10% who want to buy a house or a flat.
Customers can borrow their income up to seven times if they purchase a fixed rate of 10 years or if they earn £ 50,000 or more.
April Mortgages, which has already achieved the headlines this year with the launch of a 100%, No Deposito Mharpingsaid it created its newest deal, because the new -build sector continued to get challenges from stricter criteria for lender.
It explained while builders in Builder were customary, they can also reduce maximum loans with some lenders. However, the new offer from April does not make builder stimuli up to 5% without a fine.
It also accepts several income types, including self -employed people and is available for fixed rates between five and 15 years.
The mortgage agreement of 90% loan-to-value (LTV) is available through brokers who work with April mortgages.
Terry Higgins, Group Managing Director, The New Homes Group MortGage Services, said: “This is exactly what the new -build market needs at the moment and I believe that more first buyers and home movers can buy a new Build Real Estate.
“Larger affordability on the mortgage market is always welcome news for buyers, especially in the New Build Sector where challenges regarding deposit levels, stimuli and credit criteria can often make the journey more complex.
“The new April product set helps to tackle some of those barriers, while they also provide customers with certainty and flexibility. However, it is important that buyers ask a mortgage broker for advice, as a leading new Build mortal specialist We are pleased to work closely with April mortgages.”
In the meantime, Adrian MacDiarmid, head of mortgage providers at real estate developer Barratt Redrow, will help that the product will help ‘tackle the frustrations’ who hears it day in day out of Londoners who have priced from the market’.
“In many cases it can even unlock homeowner rather than they think,” he said.
“We are known for a proactive relationship with the mortgage industry and this innovative product is no different. The launch also coincides with our dedicated step on the Ladder campaign, to improve the education of home ownership and to tackle the concerns of the next generation of buyers.”