New no-deposit loan introduced by April Mortgages

May 20, 2025 by Brendan O'Neill

Lenders

April Mortgages has announced the introduction of a new no-deposit mortgage product designed to help borrowers offset rising UK house prices.

This product is 100% loan to value (LTV), which means those applying for it will be able to borrow as much as the total value of the property. It will also come with a long-term fixed rate – borrowers will have the choice of fixing it for either 15 or 10 years. Not every borrower will be eligible for one of these loans though, as April Mortgages has a customer profile in mind. The loans are for those with regular incomes and no credit issues, but who are not getting financial help from their families.

The maximum sum that an applicant will be able to borrow is 4.49 times what they earn. The starting rate available for the products will be 5.99%. April Mortgages has stated that the loans will help people who can cope with mortgage payments, but not deposit costs.

James Pagan from the lender spoke to Mortgage Introducer about its new product. He said that lenders need to come up with loans that meet borrowers where they are, before adding:

“Our new No Deposit Mortgage brings together full credit, and affordability checks with the longer-term certainty of a 10 or 15-year fixed rate. It’s a responsible option for borrowers with strong financial track records who are excluded by traditional deposit requirements.”

Mortgage advisors with CeMAP training will be pleased by this news, as deposit costs can be a barrier for many who could otherwise pass affordability checks.