Afin Bank launches Premier for High Net Worth borrowers

New mortgage proposition designed for “asset rich” clients

Afin Bank has launched its new Afin Premier mortgage proposition, specifically designed for High Net Worth borrowers. Afin Premier enables clients to include assets such as their pensions, investments, shares, real estate holdings, and even items such as fine art and classic cars, when assessing their affordability for a mortgage.

The lender says that Afin Premier could be suitable for “asset rich” customers who may take a lower income than would normally be required for the size of mortgage. When calculating affordability for a mortgage, Afin will take into account the applicant’s independently verified net assets, or a mix of income and verified assets.

Afin says High Net Worth mortgages have traditionally been offered primarily by private banks. Afin Premier will be available to all the intermediaries the bank works with.

Tippie Malgwi, Business Development Director for Afin Bank, has helped shape the new proposition, tapping into his experience as a private banker working with wealthy clients. He said: “This is another example of Afin Bank supporting underserved customers. Standard mortgage methodology understandably focuses on income, but for many High Net Worth clients their wealth and affordability is in their assets, as opposed to their earnings.

“This means that a customer will benefit from bespoke affordability, taking into account their entire asset base. Lender solutions that only use a highly automated tick box approach to mortgage applications are unlikely to be flexible enough to consider valuable assets when assessing affordability.”

Afin Premier will be available across the bank’s full range of residential mortgages for first time buyers, home movers and remortgages, for properties in England and Wales. They are available as fixed rate or flexible tracker mortgages, with no Early Repayment Charges on the tracker option. Borrowers can choose repayment or interest only payment options.

Alan Davison, Chief Commercial Officer for Afin Bank, added: “From speaking to brokers they tell us the number of clients that fall into the High Net Worth category is growing every year, especially when it comes to factors such as intergenerational wealth. However, their options for getting a mortgage are limited as many mainstream lenders won’t support them and they don’t necessarily want to move to a private bank.

“Afin Premier embodies our mission to support customers who, because of their circumstances, are underserved by bigger lenders. At Afin, High Net Worth borrowers will be treated as individuals, with a straightforward and pragmatic approach to underwriting, to help them get the mortgage they need.”

Afin Bank launched in July offering residential and buy-to-let mortgages to underserved customers, such as foreign nationals, the self-employed, professionals and now High Net Worth borrowers. The bank is backed by parent company WAICA Reinsurance Corporation Plc (WAICA Re), one of the largest reinsurance companies in Africa.

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 is a new bank designed to some of the UK’s most underserved customers, such as diaspora communities living and working in the UK, or borrowers like the self-employed.

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.

If you’re planning to buy a home or grow your savings, Afin Bank is here for you to achieve your goals. We provide a simple and secure banking experience to deliver real value that empowers you.