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April is a new player in the UK mortgage market. It’s unique as it offers Dutch-style mortgages. This means you can get longer fixed terms and interest rates that automatically decrease over time.
April is a great lender for remortgaging, but this is the only type of mortgage they offer at the moment. If you’re a first-time buyer, or you want to take out a mortgage on your next new property, you’ll need to go elsewhere.
Use our in-depth analysis to learn everything you need about April, what they’re best for, and how you can get the mortgage deals you need.
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April Mortgage Overview
Product options | Fixed rate |
|---|---|
Term length | 5 to 15 years |
Minimum loan size | £50,000 |
Allows overpayments | Yes |
Mortgages are portable | No |
Ways to apply | Broker only |
Customer service contact options | Phone, online contact form, post |
Additional information | Remortgaging only: No support for first-time buyers |
What is an April Mortgage?
April offers Dutch-style mortgages at long-term fixed rates. The interest rates lower as you pay off the mortgage, meaning you’re paying less interest over time. There are also no early repayment charges, so if your circumstances change, you can put more towards your mortgage to get it paid off quicker.
At the moment, they only offer remortgage deals, so they’re not available for first-time or next-time buyers. But they’re looking to introduce mortgages for these groups in the future, so watch this space.
Why Choose an April Mortgage?
April mortgages are limited at the moment, but if you’re looking to remortgage, they’re a great option.
No early repayment fees
This is a key one. A big concern with a lot of mortgages is how long you need to wait to pay them off. With April, you can make early repayments on your mortgage without any fees.
Reducing interest rate
As you start to pay off your mortgage with April, your interest rate reduces. This means the amount you owe will reduce over time, saving you money.
Further borrowing
With April, you can borrow more against your existing mortgage if you need to. You don’t have to get a new mortgage. This is useful if more extensive changes are needed to your house, like a new kitchen or an extension.
Where Do April Mortgages Fall Short?
It’s mainly availability that limits April at the moment. April’s only available for remortgages, so anybody looking for a new house will need to go elsewhere. Mortgage expert and founder of Lease Extensions, Ashley Connell, talked to us about April's offering:
Of course, locking into one of these longer-term deals means you're sort of stuck if rates drop significantly later on. And April's upfront fees may stop some from going this route.Lease Extensions founderAshley Connell
Who is an April Mortgage Best for?
April is for existing homeowners who need to remortgage their house. Their fixed-rate mortgages make them ideal for people looking for predictability and sustainability. Plus the lack of any early payment fees makes them great if you expect your circumstances to improve in the near future.
What Types of Mortgages Does April Offer?
There isn't a huge range of mortgage products offered here. April only offers fixed-rate remortgages. You can fix your mortgage term for anything between 5 and 15 years. Rates start at 4.99%. As you pay down your mortgage, April will automatically reduce the interest rate of your plan as loan to value (LTV) reaches a lower band with cheaper rates.
Ways of Getting a Mortgage With April
At the moment, April mortgages are only accessible directly through mortgage brokers. April works closely with moneyQuest and HL Partnership to deliver their mortgages.
Benefits of mortgage brokers
Buying a mortgage through a broker has a lot of benefits.
Expert guidance
Brokers can provide expert guidance on the best products to choose. They’re specialists in the mortgage industry and can give you tailored advice based on your personal circumstances.
Save time
Brokers can contact lenders, handle your paperwork, and streamline the mortgage application process. This makes things much quicker for you.
Negotiating power
Brokers can help negotiate with lenders to get you a better deal on your mortgage. You may be able to get better rates or loan terms through a broker than you could on your own.
Ongoing support
Some brokers provide support not just during the lending process, but sometimes for the life of the loan.
What Interest Rates Does April Charge?
April charges the following rates on its mortgage products.
5 year fixed
Application fee: £195
Completion fee: £995
LTV | Rate | APRC |
|---|---|---|
85% | 5.14% | 6.97% |
80% | 5.09% | 6.89% |
75% | 5.04% | 6.81% |
60% | 4.99% | 6.77% |
7 year fixed
Application fee: £195
Completion fee: £995
LTV | Rate | APRC |
|---|---|---|
85% | 5.29% | 6.73% |
80% | 5.19% | 6.63% |
75% | 5.09% | 6.53% |
60% | 4.99% | 6.47% |
10 year fixed
Application fee: £195
Completion fee: £995
LTV | Rate | APRC |
|---|---|---|
85% | 5.29% | 6.36% |
80% | 5.19% | 6.27% |
75% | 5.09% | 6.17% |
60% | 4.99% | 6.10% |
12 year fixed
Application fee: £195
Completion fee: £995
LTV | Rate | APRC |
|---|---|---|
85% | 5.29% | 6.17% |
80% | 5.19% | 6.07% |
75% | 5.09% | 5.97% |
60% | 4.99% | 5.90% |
15 year fixed
Application fee: £195
Completion fee: £995
LTV | Rate | APRC |
|---|---|---|
85% | 5.29% | 5.93% |
80% | 5.19% | 6.83% |
75% | 5.09% | 5.73% |
60% | 4.99% | 5.65% |
Does April Offer the Best Mortgage Deals?
April excels when it comes to interest rates. Average interest rates on the market at the moment range from 4.99% to over 7%. April’s reducing rates as the LTV decreases puts them top of the pile for remortgages at the moment. But, their lack of other mortgage options means they’ll miss out on a lot of custom.
How Much Can I Borrow With April Mortgages?
The maximum LTV available with an April mortgage is 85%. The lender plans to extend to offering 95% mortgages in the future, though. Your maximum loan size will depend on your financial situation, including your debt history and total income.
How to Apply for an April Mortgage
To apply for an April mortgage, you’ll need to contact a broker. Follow the steps below to get your mortgage from April.
Step 1. Go to the April Mortgages website
Step 2. Contact one of their brokers
Step 3. Speak to your broker - they’ll let you know what they need and handle the rest!
How Long Does It Take to Get a Mortgage Offer From April?
It can take a while to get a mortgage offer, but the mortgage application timeline depends on your individual circumstances. Most mortgages take around 2-6 weeks to process when you’ve started your application. Pre-approvals and agreements in principle are usually valid for 60-90 days. The full underwriting process can take anywhere between a few days and several weeks.
How Can You Contact April?
You can contact April via phone, online message, or post.
Phone: 0333 456 1471
Post: April Mortgages, PO Box 80198, London, NW1W 6FR
How Easy is It to Apply for an April Mortgage?
You’ll need to apply through a broker to get an April mortgage, so the ease of the application process depends on your broker. Your broker will tell you everything you need to do to get your application processed, but using a broker in itself is often easier than managing your mortgage application yourself.
Can You Make Overpayments on Your April Mortgage?
Yes, you can make overpayments on your April mortgage without penalties. This is one of the key selling points of April. You can arrange overpayments by contacting April on 0333 456 1471.
What Fees Does April Charge for Its Mortgages?
April’s fees are as follows:
Application fee: £195
Completion fee: £995
Legal fees: £150
Additional borrowing: £295
Valuation fees change depending on the value of the property. The first valuation is free (for properties up to £750,000 in Greater London and up to £500,000 in the rest of England and Wales). Valuations after this are charged as follows.
Property value | Fee |
|---|---|
Up to and including £100,000 | £260 |
£100,001 to £200,000 | £295 |
£200,001 to £250,000 | £328 |
£250,001 to £300,000 | £361 |
£300,001 to £350,000 | £394 |
£350,001 to £400,000 | £427 |
£400,001 to £450,000 | £460 |
£450,001 to £500,000 | £493 |
£500,001 to £600,000 | £525 |
£600,001 to £700,000 | £620 |
£700,001 to £800,000 | £715 |
£800,001 to £900,000 | £810 |
£900,001 to £1,000,000 | £905 |
£1,000,001 to £1,250,000 | £1,000 |
£1,250,001 to £1,500,000 | £1,220 |
£1,500,001 to £1,750,000 | £1,430 |
£1,750,001 to £2,000,000 | £1,640 |
£2,000,001 to £2,500,000 | £1,850 |
Early Repayment Charges (ERCs) are only payable when remortgaging to another lender or refinancing to another product during the term. They’re charged at different rates depending on how long is left on your mortgage.
Remaining years | ERCs |
|---|---|
15 | 9% |
14 | 9% |
13 | 9% |
12 | 9% |
11 | 9% |
10 | 9% |
9 | 9% |
8 | 8% |
7 | 7% |
6 | 6% |
5 | 5% |
4 | 4% |
3 | 3% |
2 | 2% |
1 | 1% |
April Mortgage Eligibility Requirements
Below is a list of the requirements that need to be met before you can have an April mortgage.
You must be 18 or over to apply
You must have lived in the UK for a minimum of 2 months
You must pass the affordability assessment
You must pass all credit checks
You can’t be on a debt management plan
Minimum income requirement of £24,000
Minimum loan size of £50,000
You will not be accepted if you’re considered a politically exposed person
You will not be accepted if you’re on a visa
What Does April Look at Before Approving Your Mortgage?
April will look at a number of things during your application, all of which are listed on their website. The primary considerations are:
Your income
Your credit history
Any existing or historical debts
Your right to live in the UK
What do Other Customers Say About April Mortgages?
As April only launched in November 2023, there aren’t any customer reviews available yet. Watch this space - we’ll be sure to update this with any more information as it comes in.
About April
April launched in November 2023 and is backed by the DMFCO group, the largest independent asset manager of Dutch residential mortgages. As a new lender, they only offer remortgage deals at the moment, but they plan on expanding their offering later this year. They’re authorised and regulated by the Financial Conduct Authority.
April funding their loans overseas rather than with UK pensions is a novel move for the market, which the large banks have traditionally dominated. Whether this catches on locally may depend on how consumers receive it and if the property market holds up over the long haul.Lease Extensions founder
Not Sure if April is Right for You? Consider These Alternatives
If you need a mortgage on a new property, April won’t be able to help. You may find some of these alternatives more useful.
HSBC: A huge variety of mortgage offerings
If you find April's offering limited, check out HSBC. The bank offers more than 450 mortgage products, spanning a variety of terms, types, and loan to values from 60% to 95%. You'll be able to make overpayments of up to 10% and there's no Early Repayment Charge for tracker mortgages.
Nationwide: Great for first-time buyers
If you're a first-time buyer, April doesn't yet have anything to offer you, but Nationwide is a good alternative. You can get a 95% mortgage with £500 cashback. There's even a Helping Hand mortgage that enables people to borrow up to 20% more if they're struggling to afford their first mortgage.
Halifax: Top choice for landlords
April doesn't yet offer buy-to-let mortgages, but Halifax has a strong offering. Its buy-to-let products have no product fee and let you borrow up to £1 million. What's more, there's no Early Repayment Charge once your fixed-rate period ends.
Should You Get a Mortgage From April?
April is great if you want to remortgage your house and enjoy decreasing interest rates. We strongly recommend it in these cases. Unfortunately, since their service is quite limited at this time, if you need any other mortgage services, you’ll need to go elsewhere for the time being.
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