Legal & General Mortgage Club has added April Mortgages to its lender panel.
The tie-up will initially give HL Partnership and Stonebridge brokers who submit through the network exclusive access to April Mortgages’ longer-term fixed-rate remortgage products, with plans to extend access to the rest of the club at a later date.
Dutch-owned April Mortgages’ products are a type of longer-term fixed-rate mortgage, where interest rates fall as the loan is paid off. Its remortgage products range from five to 15-year fixed-rate terms, starting at 4.99%.
The firm, which launched in the UK in February, does not have early repayment charges for moving house or making overpayments – either as lump sums or as a full redemption. It says it will only charge a borrower an early repayment charge for refinancing during the initial product term.
Legal & General Mortgage Services director of distribution and mortgage club Clare Beardmore says: “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.”
April Mortgages commercial director Tim Hague says: “Joining the Legal & General Mortgage Club lender panel represents a pivotal moment for April Mortgages. 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.”
