April Mortgages is redefining its approach to lending by focusing on the evolving needs of borrowers and intermediaries. With a commitment to flexibility and understanding modern-day challenges, the lender aims to enhance its brand awareness and deepen relationships with intermediary partners.
How is April Mortgages evolving its brand strategy?
Michael Brown, the newly appointed head of April Mortgages, is set to broaden the lender’s brand awareness and operational efficiency. He aims to work closely with COO Mark Eaton to align distribution and strengthen relationships with intermediary partners. This strategic shift comes as Brown seeks to ensure that potential clients are more aware of April Mortgages and its unique offerings.
What new offerings are available for borrowers over 50?
April Mortgages has recently enhanced its proposition for borrowers over 50, acknowledging the unique challenges faced by this demographic. Many individuals in this age group find themselves at the end of existing interest-only mortgages with limited options. To address this, April Mortgages is offering more flexible terms, including a widened eligibility for its interest-only products, now requiring a minimum income of £24,000 and no minimum equity for borrowers aged 50 and above.
What does this mean for brokers and intermediaries?
For brokers and intermediaries, April Mortgages is committed to creating a smoother onboarding process. The recent hire of Lewis Chinyou-Robinson is aimed at removing upfront friction and streamlining the due diligence process. Brown emphasizes the importance of listening to advisers and understanding their needs, positioning April Mortgages as a partner that offers solutions rather than merely a transactional relationship.
What this means for borrowers and the mortgage market
Borrowers can expect a more flexible lending environment as April Mortgages seeks to address modern-day issues. The lender’s offerings include fixed rates between five and 15 years, no early repayment charges for those moving home, and a 100% No Deposit mortgage option. Additionally, the ability to lend up to seven times income and provide part repayment options reflects a broader understanding of the diverse circumstances borrowers face today.
Frequently asked questions
What types of mortgages does April Mortgages offer?
April Mortgages offers a range of products, including fixed-rate mortgages for terms between five and 15 years, no early repayment charges for home movers, and a 100% No Deposit mortgage. They also provide interest-only and part repayment options.
How is April Mortgages addressing the needs of older borrowers?
April Mortgages is focusing on older borrowers by widening eligibility for interest-only products, requiring a minimum income of £24,000, and having no minimum equity requirement for those aged 50 and above. This aims to provide more options for individuals nearing retirement or those with existing interest-only mortgages.
