Afin Bank launches 95% LTV and cuts rates by up to 100bps across Prime and Professional ranges

Changes designed to make mortgages more accessible to underserved borrowers

Afin Bank has increased its maximum Loan To Value (LTV) to 95% for its Prime and Professional mortgages, while also cutting existing interest rates by up to 100bps across both ranges.

The lender says the changes have been made to help even more underserved borrowers, such as the self-employed, professionals and foreign nationals living and working in the UK.

Rates for the new higher LTV Prime and Professional products are:

Prime (New higher LTV product, 80% to 95% LTV)

• Two-year fixed rate 6.39%, maximum 95% LTV
• Five-year fixed rate 6.49%, maximum 95% LTV

Professional (New higher LTV product, 90% to 95% LTV)

• Two-year fixed rate 6.24%, maximum 95% LTV
• Five-year fixed rate 6.34%, maximum 95% LTV

Interest rates for existing products in Afin’s Prime and Professional range have been reduced by up to 100bps across its two-year fixed, five-year fixed and two-year tracker mortgages. The new rates are:

Prime (Existing range, up to 80% LTV)

• Two-year fixed rates ranging from 5.24% to 5.34%
• Five-year fixed rates ranging from 5.34% to 5.49%
• Two-year tracker rates ranging from 5.99% to 6.39%, with no ERCs

Professional Range (Existing range, up to 90% LTV)

• Two-year fixed rates ranging from 5.34% to 5.99%
• Five-year fixed rates ranging from 5.49% to 6.09%
• Two-year tracker rates ranging from 6.09% to 6.74%, with no ERCs

In addition to introducing a maximum 95% LTV, the minimum salary requirement for a Prime mortgage will be just £35,000 for sole borrowers and £60,000 for joint applicants, and customers will be able to borrow up to 4.5 times their income. Foreign nationals can apply for an Afin mortgage with only six months UK residency.

The lender’s Professional range already offers enhanced loan-to-income (LTI) ratios of 6.5 for anyone with a recognised professional qualification, but they can now borrow with just a 5% deposit with the enhanced maximum 95% LTV. Professionals from overseas on a valid working visa will be able apply for a mortgage after only six months residency in the UK.

Jason Oakley, Chief Executive Officer of Afin Bank, said: “Brokers and customers have told us that in the current economic climate, not only do they need products designed for their specific circumstances, they also want mortgages that are more affordable, with smaller deposits.

“These changes have been made to bring home ownership within reach of borrowers who don’t always get the support they need because their situations are a bit different. We are supporting the self-employed, qualified professionals and foreign nationals working in the UK, who are vital to the growth of our economy.”

All of Afin’s mortgages are individually underwritten and based on the borrowers’ true financial situation, not an automated model. This helps overcome challenges many underserved borrowers face, such as complex income streams, more limited credit histories and, in the case of foreign national customers, UK residency of less than the minimum 12 months typically required by mainstream lenders.

The enhancements to Afin’s Prime and Professional range are available as two-year and five-year fixed deals or as a two-year tracker mortgage, for first time buyers, movers and remortgage customers for residential mortgages on properties in England and Wales.

All two-year and five-year fixed rate mortgages have a £1,495 fee, which can be added to the loan, subject to maximum LTV. All fixed rate products allow overpayments of up to 10% of the mortgage balance per year without penalty, while the tracker mortgage has no ERCs (Early Redemption Charge).

In additions to its Prime and Professional products, Afin also supports ‘asset rich’ high-net-worth customers via its Premier range, as well as buy-to-let borrowers.

For more information about Afin Bank visit www.afinbank.com follow it on LinkedIn and @AfinBankUK on X and Instagram.

ENDS

Contact Paul Beadle: email Paul.Beadle@afinbank.com or mobile 07801 105001

Notes to editors

Afin Bank was created to help some of the UK’s most underserved customers, such as people from overseas living and working in the UK on a valid work visa and borrowers like the self-employed, qualified professionals and high net worth customers.

It offers a range of residential and buy-to-let mortgages for properties in England and Wales, as well as FSCS protected savings accounts.

Afin Bank is backed by parent company WAICA Reinsurance Corporation Plc (WAICA Re), one of the largest reinsurance companies in Africa.

Banking can be complex, so we’re making it simple. Our mission is to cut out the complicated stuff to deliver simple products and service excellence to make banking effortless.

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