Legal & General Mortgage Club has announced the addition of April Mortgages to its lender panel.
The partnership will initially give HL Partnership and Stonebridge brokers who submit through Legal & General Mortgage Club exclusive access to April Mortgages’ long-term fixed-rate remortgage products, with plans to extend access to the rest of Legal & General Mortgage Club in due course.
April Mortgages’ products are a type of long-term fixed-rate mortgage, where interest rates decrease as the loan is paid off. Its remortgage products range from five to 15-year fixed rate terms, starting at 4.99%.
Its products do not have early repayment charges (ERCs) for moving house or making overpayments – either as lump sums or as a full redemption. In practice, April Mortgages will only charge a borrower an ERC for refinancing during the initial product term. This feature allows customers to pay back their mortgage at a rate that best suits their priorities without any financial penalties.
Clare Beardmore (pictured), director of distribution and mortgage club, Legal & General Mortgage Services, said: “At Legal & General Mortgage Club, our goal is to provide intermediaries with a wide range of options to assist their clients’ evolving needs. We are therefore delighted to be partnering with April Mortgages.
“We’ve seen a growing appetite for long-term fixed-rate products, due to the certainty they provide customers over monthly repayments – especially in a market in which we are seeing fluctuating interest and swap rates.
“This partnership allows us to expand the range of solutions to our members, especially when their customers might be looking to prioritise budgeting and the ability to fix repayments over the long-term.”
Tim Hague, commercial director of April Mortgages, added: “Joining the Legal & General Mortgage Club lender panel represents a pivotal moment for April Mortgages. This is an exciting opportunity for us to offer our innovative mortgage products to the wider UK Market, starting with HL Partnership and Stonebridge.
“April Mortgages is 100% broker introduced, and our partnership with Legal & General presents an ideal route to building long-term bonds with brokers and their customers. By joining with Legal & General, we are poised to address the concerns and uncertainties that consumers face in today’s market. Our tailored approach is designed to offer stability and peace of mind, ensuring that homeownership remains within reach for all individuals.”