For owner-occupiers, the deal starts from 5.89% and goes up to a maximum loan to value (LTV) of 90%.
Buy-to-let (BTL) borrowers can access rates starting from 5.69%. A maximum LTV of 75% applies.
The five-year fixed rates will sit alongside Afin Bank’s existing two-year fixed and tracker mortgages. All fixed rate mortgages allow overpayments of up to 10% of the mortgage balance per year without penalty.
In the bank’s professionals range, the five-year fixed rate mortgage starts at 6.14%, while a reduction of up to 75 basis points has been applied to the two-year fix.
This range is designed for professionals holding a recognised qualification that qualifies them for an income stretch of up to 6.5 times income, capped at 90% LTV on purchase and remortgage transactions.
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For premier or high-net-worth (HNW) borrowers, a five-year fixed rate of 6.29% is available, while rates for two-year deals now start from 5.99% following reductions.
All two- and five-year fixed rates have a £1,495 fee, apart from the BTL rates, which have a 2.5% fee.
James Briggs (pictured), intermediary sales director at Afin Bank, said: “Brokers are seeing more and more clients who don’t meet the criteria of mainstream lenders, whether that’s due to how they earn, how their wealth is structured, or how much they may earn now rather than their future earning potential. In this environment, advisers need access to products that reflect real financial profiles, not just tick-box lending.”
The lender received its Authorisation with Restrictions (AwR) in October last year. It entered the market to cater to under-served borrowers, particularly people from the African diaspora and other foreign nationals who find it hard to get a mortgage in the UK because of their visa status or lack of credit history.
Afin Bank will also be open to other borrowers who may struggle to get a mortgage from mainstream lenders, such as the self-employed.
