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April Mortgages partners with Coreco
April Mortgages, the longer-term mortgage lender, has partnered with advisory firm Coreco.
Now that the two firms have partnered, Coreco’s advisers will be able to access and advise on April Mortgages’ product range.
This includes five- to 15-year fixed rate mortgages, where the rate automatically reduces as the borrower falls into a lower loan-to-value (LTV) bracket.
Borrowers will be exempt from early repayment charges (ERCs) if they use their own funds to repay the mortgage or move house.
April Mortgages will also pay advisers commission over the life of the product, including a fee on the fifth anniversary of the mortgage and when the borrower takes a further advance.
Andrew Montlake, managing director of Coreco, said: “Lenders have historically made it too difficult for borrowers to secure their rate for an extended period of time without accepting unrealistic tie-ins and penalties, so I’m delighted to see April Mortgages is bringing a fresh approach.
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“I have no doubt that our advisers and clients will welcome the option of a flexi-fix-style five- to 15-year fixed product that has removed the traditional obstacles faced by both borrower[s] and brokers.”
Mark Eaton (pictured), chief operating officer at April Mortgages, added: “Partnerships with leading firms like Coreco [are] a crucial step in our aim to deliver practical new solutions that offer borrowers and brokers more peace of mind than currently exist.
“We are serious about working with brokers, listening to their requirements and helping them change the UK mortgage market for the better. We believe Coreco are a perfect partner for us in this regard.”
April Mortgages is backed by Dutch asset manager Munt and launched in the UK earlier this year. This month, the lender has hired James Pagan as director of product and portfolio management and Stephanie Burke as its director of risk and compliance.