If you don't pay your mortgage, you might lose your home

FAQs

Frequently Asked
Questions

FAQs
Who are April Mortgages?

We are a UK mortgage lender who is authorised and regulated by the Financial Conduct Authority. 

At April Mortgages, we offer longer term fixed rate mortgages with flexible terms. We are committed to making mortgages more simple and have designed our offering to ensure that your mortgage is the one thing you don’t have to worry about.

We may be new to the UK market, but our approach has already been tried and tested in the Netherlands, where MUNT was launched as a lender in 2014. In that short time, MUNT have already provided mortgages for more than 100,000 customers and established their position as one of the top lenders in the country.

How can I get an April Mortgage?

Our mortgages are only available through brokers. Take a look at our Find a Broker tool to see which brokers are able to access April Mortgages.

If I move house, can I take my mortgage with me?

You are free to pay off your April mortgage and then buy your next property with a new mortgage. We do not charge an Early Repayment Charge for customers who sell their home.

Can I pay my mortgage off early?

Yes, you can choose to pay off your mortgage or make overpayments of any size and we won’t charge an Early Repayment Charge, provided the monies come from your own savings.

Can you explain how the automatically reducing loan to value (LTV) works?

Every time you make repayment on your mortgage, you reduce the overall amount that you owe. Assuming that the value of your home remains the same, this decreases the size of your loan compared to the value of your property.

This is known as your loan-to-value (LTV) and it’s an important consideration for lenders when they look at the risk involved in providing a mortgage.

At April, we think it’s only fair that we automatically reduce your interest rate as you pay o your mortgage and reduce your loan-to-value.

After all, it means that our risk is lower so why should we be the ones to benefit?

Here’s how it works.

So, for example, you buy a property for £200k, and you borrow £150k. This means that your loan-to-value is 75%, because the value of your mortgage is equivalent to 75% the value of your property.

Over time, you make repayments on your mortgage, reducing the amount that you owe.

If you reduce your mortgage balance to £140k your new loan-to-value would be 70%.

Mortgage lenders will often provide cheaper rates for loans at 70% loan-to-value than at 75% loan-to-value, but with most lenders you won’t benefit from this until the time comes to get a new mortgage deal.

At April, however, if we have a cheaper rate available at 70% loan-to-value than at 75% loan-to-value on an equivalent product to the one that you are on, we will automatically switch your mortgage onto the lower rate.

You don’t have to do anything to benefit from this. Just paying your mortgage is enough.

 

In what circumstances do you charge an Early Repayment Charge?

We only charge an Early Repayment Charge where customers choose to remortgage to another lender or refinance to another April product during the current product term. 

What happens at the end of my fixed rate deal?

In the months leading up to the end of your fixed rate product, we will write to you and to your broker to offer you a choice of new fixed rates from the same great deals we offer to our new customers.

If you, or your broker, don't get in touch with us to confirm your choice before your current product ends, our Standard Variable Rate (SVR) will apply to your mortgage.

Unlike other lenders, our SVR is priced according to risk and the lower the LTV, the lower the rate will be. Our SVR uses the same LTV bands as our fixed rate products and, as the LTV reduces over time, the SVR automatically moves to a new lower rate as it passes into a new LTV band.  Your rate will be determined by the LTV band applicable at the time your product ends.

How much can I borrow?

We assess how much we will lend you by looking in detail at a range of financial information to determine if you can afford to borrow the amount of money you are requesting, we will check your employment status, your previous credit profile and your current financial situation to determine if you can afford monthly repayments. You can find a broker here who can provide a detailed calculation for you.

Can I take my mortgage with me if I move house?

We don't allow you to 'port' your mortgage to a new property, but you are free to repay from the sale of your current property without any early repayment charges. We'd of course love it if you choose an April mortgage for your next home too!

What are acceptable sources of deposit?

We accept cash savings, inheritance, equity from the sale of current property, gifted cash deposits from close relatives. Vendor deposits, gifted equity or further borrowing are not acceptable sources of deposit.

What are acceptable property types?

We only accept properties of standard construction that have been built over 24 months ago. We don’t accept: ex-local authority properties, flats in blocks of more than 10 stories (if over 3 stories must have a serviceable lift), studio flats or flats under 35m sq.

If I want to purchase a new house in the future can I move my mortgage?

No, we don't allow you to 'port' your mortgage to a new property, but you are free to repay from the sale of your current property without any early repayment charges being applied and apply for a new mortgage via your mortgage broker.

What type of purchases do you accept?

We're a standard residential lender and don't offer Buy-to-Let, second residential properties or bridging loans. We also don't take part in any purchase schemes such as Right-to-Buy, Help to Buy Wales, Deposit Unlock, Shared Equity etc.

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