Long-term fixed rate lender April Mortgages has brought out a new and improved procuration fee structure.
April Mortgages‘ proc fee structure, which will come into force on 6 September, will include an initial procurement fee of 45 basis points at completion, along with an additional 30 basis points on every fifth anniversary of the mortgage for the remaining mortgage term.
Consequently, the brokers will receive an initial proc plus one additional 30 basis points for a 10-year fixed rate or two additional 30 basis point payments for a 15-year fixed rate.
The firm will bring out a “simplified proc fee rate” of 45 basis points for both product transfers and further advances.
The revised proc fee structure is in response to broker feedback and shows the lender’s “commitment to working closely with the broker community in developing products and processes that best meet their needs, and those of their clients”.
James Pagan (pictured), director of product and portfolio management at April Mortgages, said: “We are passionate about making the mortgage market more simple, for brokers as well as borrowers.
“Listening to brokers has already resulted in a host of significant improvements to our offering, including our new, simplified proc fee structure. We want brokers to feel the same peace of mind and security from a longer-term fixed rate as their clients.
“April Mortgages looks forward to continuing to work closely with brokers as we modernise the structure of fixed rate lending and the peace-of-mind benefits this will bring.”
April Mortgages soft launched in April and is backed by a Dutch pension fund. It offers mortgages with terms from five to 15 years.
The firm has gone on to widen its capital-raising criteria for first-time buyers so it can support applications from borrowers looking to raise additional capital for gifting purposes when remortgaging.
It will also accept up to six times earnings, which boosts affordability for borrowers.
April Mortgages has also hired Rachael Hunnisett as its mortgage distribution director.
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.
