April Mortgages’ 100% Mortgage Scheme: A New Hope for UK First-Time Buyers. Apply for a 100% Mortgage
Buying your first home often means balancing rent payments while saving for a deposit. Recent data shows the average UK first-time buyer deposit is £61,090, with London buyers needing £124,688. That is around 20% of the typical first-time buyer’s property price, making ownership difficult for many workers paying high rent.
April Mortgages, a lender launched in 2024, has introduced a 100% loan-to-value (LTV) mortgage. This product removes the deposit requirement and aims to help renters step onto the property ladder sooner.
This guide explains how April’s no-deposit mortgage works, how it differs from older schemes, and the benefits and risks for first-time buyers. For readers in Essex and across the UK, we also explain how to apply and why advice is vital.
What is a 100% Mortgage?
April Mortgages allows buyers to borrow the full property price without paying a deposit. While lenders such as Skipton, Lloyds and Barclays offer similar products, April’s scheme is different:
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Long fixed terms: borrowers must select either a 10-year or 15-year fixed-rate mortgage.
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Rates that reduce over time: rates start around 5.99%–6.53%. April reduces your rate as you build equity and drop into lower LTV bands.
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No guarantor needed: unlike some 100% mortgages, there is no requirement for a parent to secure funds in savings. Affordability is judged on income and credit history.
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Flexible overpayments and moving: you can sell your home or make overpayments with no penalty. However, switching to another lender during the fixed term triggers early repayment charges.
Borrowing is available up to 4.49 times your annual income. Loan sizes range from £50,000 to £600,000, subject to affordability checks. Properties must be worth at least £75,000, and flats or new builds are not eligible. Applicants must be UK residents under 70 (or under 80 at term end), with household income of at least £24,000 and a clean credit record.
Why a 100% Mortgage Matters
For many households, saving a deposit is a greater obstacle than meeting monthly payments. The average deposit across the South East is £61,744, while in the East of England it is £56,526. High rents make saving nearly impossible, leaving many trapped in the rental market.
April Mortgages’ scheme gives renters the chance to turn rent into mortgage repayments and start building equity earlier.
How April’s Scheme Compares
Skipton’s Track Record
Skipton re-introduced a mainstream 100% mortgage in 2023. Applicants must prove 12 months of rent paid on time. It offers a five-year fix from about 5.29%. However, borrowing is capped at 4.49 times income and rates do not reduce automatically.
Gable Mortgages
Gable launched a 100% mortgage in 2025. It offers five-year fixes around 6.29%, or 5.99% for new builds. Key workers may borrow up to 5 times income, but applicants must be at least 23 years old and borrow at least £125,000.
April Mortgages’ Unique Twist
April requires a longer fixed commitment but reduces interest as equity builds. The 10-year fix is priced near 6.29% and the 15-year deal at 6.53%. Brokers note the main benefit is access to ownership rather than chasing the cheapest rate.
Benefits: Why Borrowers Are Interested
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Immediate access: buy a home without years of saving.
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Predictable payments: long fixed rates protect against interest rate rises.
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Automatic rate cuts: your interest reduces as your LTV improves.
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Unlimited overpayments: bonuses or pay rises can reduce your balance faster.
Risks and Considerations
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Negative equity: if prices fall, you could owe more than the property value.
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Higher monthly costs: borrowing 100% increases repayments compared to having a deposit.
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Long commitment: fixing for 10 or 15 years may leave you stuck if rates fall. Early repayment charges apply if switching.
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Restricted property choice: no flats or new builds are allowed.
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Strict checks: affordability and stress tests remain, and borrowing caps apply.
What the Experts Say
Mortgage professionals give mixed but generally positive views. Connect Mortgages praises April’s safeguards, long fixed terms, and flexible overpayment rules. He also notes that cheaper options exist for those with a deposit.
Director of Mortgage, Jane Benjamin, highlights the strong affordability tests and agrees that it will help some buyers. Sales Director, Niall Hebron, warns that borrowers must understand risks such as negative equity and early repayment charges. Broker Paul Crow stresses the importance of brokers explaining these risks, as she has seen more buyers in negative equity recently.
Is a 100% Mortgage Right for You?
April’s no-deposit mortgage could suit you if:
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You have stable income above £24,000 and a strong credit record.
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Rent and living costs prevent you from saving a deposit.
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You plan to stay in your home for 10 years or longer.
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You understand the risks of higher payments and negative equity.
If you have even a small deposit, you may qualify for cheaper deals. Other no-deposit mortgages with shorter terms or family support may suit if you expect to move sooner.
100% Mortgage | Ready to Take the Next Step?
A mortgage is one of the biggest financial commitments you will ever make. April Mortgages’ 100% product is not suitable for everyone, but it may provide a route onto the property ladder for the right buyer.
Speak to an independent mortgage broker before making any decision. At Connect Mortgages, we help first-time buyers across the UK find the right mortgage.
Contact our team today to see if a no-deposit mortgage suits your situation. Call us on 0203 935 1863, use our online form, or visit our dedicated page “April Mortgages“. Let us help you turn rent into mortgage repayments and secure your first home.
Thank you for reading our “100% Mortgage | April Mortgages First-Time Buyers Product” publication. Stay “Connect“-ed for more updates soon!
