The offer is available on all successful purchase applications in May and could come in particularly handy for first-time buyers trying to maximise affordability.
The five-year deal comes with a rate of 6.49% in Afin Bank’s Prime range and 6.34% in its Professional range, for loans up to £500,000.
Afin Bank is also offering free legal fees on remortgages in May, saving borrowers £900 on standard legal fees for mortgages under £1m and an average of up to £1,800 for loans between £1m and £2m.
Rob Lankey (pictured), national sales director for Afin Bank, 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.
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“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.”
The lender specialises in borrowers who can’t access loans through mainstream lenders, such as the self-employed, contractors or people with multiple income streams, foreign nationals working in the UK on valid visas and qualified professionals.
