Mortgage lender April Mortgages has formed a strategic partnership with mortgage and savings platform Tembo Money.
The partnership means that Tembo Money’s mortgage broker team will have access to the range of 5-15 year fixed rate mortgages provided by April Mortgages.
These longer-term fixed rates have not previously been an option in the UK.
April Mortgages chief operating officer, Mark Eaton, said: “We are passionate about working closely with brokers to deliver a better mortgage market for borrowers, listening to them about what they and their clients really need.
“Tembo Money has built a fantastic reputation, and we share the ethos of not only wanting to help our customers buy their dream home but stay in it too.
“Partnerships like this one will allow April Mortgages to continue our mission to provide far greater peace of mind to both brokers and borrowers through our innovative longer-term fixed rate products.”
Tembo Money chief executive, Richard Dana, added: “April Mortgages is doing something different, opening up the possibility of fixing the mortgage term for up to 15 years in a way that hasn’t been available before that in the UK mortgage market.
“After the volatility of the last few years there will certainly be some borrowers who would value that long-term certainty, and we look forward to working with April Mortgages to deliver long-lasting peace of mind to them.”
April Mortgages recently said it will lend up to six times sole and joint income to first-time buyers, home movers and like-for-like remortgages.
This means borrowers can benefit from increased loan amounts up to 95 per cent LTV.
The products boast built-in flexibility, with the fixed rate reducing over time as the borrower drops into a lower LTV bracket.
There are also no early repayment charges if the borrower moves house or uses their own funds to repay the mortgage.
tom.dunstan@ft.com
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