Mortgage lender April Mortgages has issued a borrower with a 15-year fixed rate – something rare in the UK market.
The loan has an interest rate of 4.99% and is to 60% loan-to-value.
The borrower said he wanted a long-term fixed rate to protect himself from future interest rate movements and give him peace of mind.
Mark Eaton, chief operating officer at April Mortgages, said: “We are passionate about providing peace of mind to borrowers and advisers alike.
“Borrowers will see their mortgage rate fall as they pay off the balance or as their property price increases, while advisers enjoy an ongoing income from clients placed with April.
“Everyone involved enjoys greater certainty and security, and we look forward to continuing to spread the April Mortgages message with greater numbers of advisers in the months ahead.”
April Mortgages offers mortgages between five and 15 years up to 95% loan-to-value.
There are also no Early Repayment Charges for those who repay the mortgage when moving house or using their own funds.
The case was introduced by Staffordshire-based AMG Financial Solutions, an appointed representative of HLPartnership.
Lewis Jackson from AMG Financial Solutions said: “When the client made clear their preference for a long-term fixed rate, there was no question that April Mortgages would be the best option.
“The fact that the client could secure the rate over such a long period, without the threat of early repayment charges, was particularly appealing – it means they enjoyed the security they needed, without the risk of paying large fees during the term.
“The process was tremendous as well. Even though there were a few issues during the application, the fact that April offered direct access to the underwriter on the case meant that problems could be discussed and resolved instantly.”
