As part of the launch partnership, Norton Finance will work with Afin Bank to distribute its mortgage products to advisers across the UK.
The firms said the collaboration will “create a key route to market, offering brokers essential support with case placement and packaging for clients who fall outside traditional lending norms”.
Earlier this week, Afin Bank received approval from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) and has come out with a range of residential and buy-to-let (BTL) mortgages.
Afin Bank said it will cater for under-served customers like those in the African diaspora and foreign nationals in the UK, but lending deals may also be suitable for UK resident customers who may struggle to be accepted by the high street.
The lender said no minimum credit score is required, and it offers manual underwriting and a minimum UK residency of just six months and accepts applicants from anywhere in the world.
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It also accepts overseas deposits, subject to anti-money laundering (AML) checks, and allows capital raising for debt consolidation, property investment, business purposes and tax bills.
There are early repayment charge tracker options and 90% loan-to-value (LTV) deals for qualified professionals with loans up to 6.5 times income.
Self-employed borrowers can also benefit from flexible criteria, including the acceptance of one year’s accounts, forecasted income and retained profits or directors’ loan income.
Paul Stringer, Co-CEO of Norton Group, said: “We are proud to be a launch partner for Afin Bank as it brings a fresh and inclusive approach to the specialist mortgage market. Its criteria [fill] a significant gap for clients who often find themselves overlooked by traditional lenders, whether that’s due to their residency status, credit profile or employment set-up.
“At Norton, we see these cases every day. Clients with good affordability who just need a lender to look beyond the surface. Afin Bank is doing just that, and we’re pleased to support its launch phase with our distribution and broking expertise.”
James Briggs, intermediary sales director at Afin Bank, added: “Norton’s long-standing track record in helping clients access specialist finance makes them an ideal launch partner for Afin Bank. Our mission is to support borrowers who contribute to the UK’s economic and social fabric but are often excluded by rigid mortgage criteria.
“With Norton’s insight and distribution network, we’ll be able to reach the advisers and clients who will benefit most from a lender that looks at the full picture and not just a credit score.”
