Afin Bank offers free product fees on its 95% LTV 5-year fixed rate mortgages

Incentive would save borrowers £1,495, helping buyers to maximise affordability on a 5% deposit

Afin Bank is removing the product fee on its 95% LTV five-year fixed rate mortgages for successful applications in May, saving borrowers £1,495.

The specialist lender says that while the incentive is available on all purchase mortgages, it could be particularly beneficial for first-time buyers looking to maximise their affordability.

The free product fee offer is available on 95% LTV five-year fixed rate mortgages in Afin’s Prime range, with a rate of 6.49%, and it’s Professional range, with a rate of 6.34%, for loans up to £500k.

Afin is already offering free legal fees on remortgages in May, saving borrowers £900 on standard legal fees for mortgages under £1 million, rising to an average saving of up to £1,800 for loans between £1 million and £2 million.

Rob Lankey, National Sales Director for Afin, said: “It’s tough for buyers at the moment, especially with interest rates rising. By removing the product fee on our 95% LTV mortgages we’re aiming to help borrowers free up their cash a bit more, so they could potentially buy their own home with just a 5% deposit.

“A saving of £1,495 could be particularly helpful for first-time buyers balancing deposit requirements alongside other costs such as legal fees and moving expenses. By choosing a five-year fixed rate, they are also locking in their monthly repayments during a possible period of interest rate volatility.”

Afin Bank supports customers who struggle to get mortgages from mainstream lenders because their circumstances do not fit a tick box approach to affordability, such as the self-employed, contractors or people with multiple income streams, foreign nationals working in the UK on valid visas and qualified professionals.

The lender’s Professional range offers enhanced loan-to-income (LTI) ratios of 6.5 for anyone with a recognised professional qualification, including people from overseas on a valid working visa who can apply for a mortgage after six months residency in the UK.

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.

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.