Initially, HL Partnership and Stonebridge brokers who submit business through the mortgage club will have exclusive access to the long-term fixed rate remortgage products.
There are plans to widen access to the rest of Legal and General Mortgage Club in “due course”.
April Mortgages is a pension- and life fund-backed long-term fixed rate lender that soft launched earlier this year, having soft launched its remortgage product with HL Partnership and Stonebridge at the end of November last year.
The interest rates fall as the loan is paid off, and its remortgage product ranges from five- to 15-year fixed rates, with pricing starting from 4.99%.
The deals do not have early repayment charges (ERCs) for moving house or making overpayments, with the lender only charging a borrower such a fee for refinancing during the initial term. This gives customers more flexibility and repayment certainty.
The partnership will allow April Mortgages to “extend its unique long-term proposition to a broader range of advisers and their customers”.
April Mortgages added that its “goal is to ensure accessibility to prime residential products that are tailored to meet the evolving needs of homeowners in today’s dynamic market”.
‘Growing appetite for long-term fixed rate products’
Clare Beardmore (pictured), director of distribution and mortgage club at Legal and General Mortgage Services, said: “At Legal and 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 at April Mortgages, said: “Joining the Legal and 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 and General presents an ideal route to building long-term bonds with brokers and their customers.
“By joining with Legal and 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.”
