April Mortgages improves capital-raising criteria for first-time buyers
Long-term fixed rate lender April Mortgages has widened its capital-raising criteria to offer a “significant boost to prospective first-time buyers”.
April Mortgages can now support applications from borrowers looking to raise additional capital for gifting purposes when remortgaging.
Borrowers will now be able to borrow up to four-and-a-half times their income for gifting purposes.
Gifting was not previously accepted for capital raising.
The lender said that gifting has become “increasingly significant” in the UK mortgage market, as saving for a deposit has become more challenging due to the rising cost of living and house price growth.
James Pagan (pictured), director of product and portfolio management at April Mortgages, said: “Homeownership has become harder to achieve for would-be buyers in recent years, as it has become more challenging to save the required deposit. April Mortgages is passionate about supporting first-time buyers, and by expanding our capital-raising criteria, we are making it easier for loved ones to gift deposits while also benefitting from the vital peace of mind our products provide.
“Combined with our loan-to-income [LTI] caps increase for first-time buyers, April Mortgages is helping more borrowers to not only purchase a home, but stay in it for the long term.”
April Mortgages recently increased its LTI cap to six times earning for all borrowers, having previously been four-and-a-half times income.
The lender soft launched back in April and is backed by a Dutch pension fund, and the firm offers terms from five to 15 years.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
