The long-term fixed rate lender will lend up to seven times income on a 10-year fix to borrowers earning at least £50,000 a year.
April Mortgages will also accept builder incentives of up to 5% without penalty and allow a nine-month validity period for offers. Further, no early repayment charges will apply to borrowers who are moving home or repaying their mortgage from their own funds.
It will consider employed and self-employed borrowers, as well as unlimited overpayments and automatic rate reductions over the mortgage term as the LTV reduces as standard.
Options between five and 15 years will be available.
April Mortgages said the new-build sector faced challenges with tighter lending criteria, especially at higher LTVs and on flats.
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The lender said it was addressing these challenges “head-on” with its newly launched proposition, which it expects to support first-time buyers and homemovers.
James Pagan, director of product at April Mortgages, said: “It’s our pleasure to bring peace of mind to the new-build market as we continue our roll out April’s innovative concept to more and more segments of the market. Our new-build criteria comes with all the certainty and flexibility you’d expect from an April mortgage, supported by competitive affordability, maximum loan to incomes (LTIs) and LTVs.”
Rachael Hunnisett (pictured), director of mortgage distribution at April Mortgages, added: “We’ve built our new-build criteria hand-in-hand with new-build advisers and housing developers. Understanding the nuance of this sector has been central to shaping April’s innovative approach, so we can help more people into homes.
“Our new build criteria is designed to help advisers say ‘yes’ more often. From higher income multiples and accepting builder incentives to nine-month offers and lending up to 90% LTV on flats, we’re making new-build lending simpler, more accessible, and adviser-friendly.”
April Mortgages launched a 100% LTV mortgage earlier this year, and brought out seven times loan to income borrowing exclusively through brokers.
