Afin launches mortgages to support underserved borrowers

The new lender was created to support people from the African diaspora and other foreign nationals with an overseas passport and a valid visa to work in the UK

Afin Bank has launched a range of residential and buy-to-let (BTL) mortgages designed to support the UK’s most underserved borrowers, after being given full approval by the financial regulators the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

The new lender was created to support people from the African diaspora and other foreign nationals with an overseas passport and a valid visa to work in the UK, who can struggle to get a mortgage from mainstream lenders because of circumstances such as their visa status or lack of UK credit history.

The bank’s research found that almost nine out of 10 (87%) Africans in the UK said they have been turned down for a mortgage, with 41% believing this was due to their visa status and 30% believing it was because of a lack of UK credit history.

The bank says that many UK borrowers face similar challenges getting a mortgage because they do not fit the standard “tick box” approach of many big lenders.

The lender says that while designed with people from diaspora communities in mind, its mortgages may also be suitable for all borrowers struggling to get a mortgage because of their circumstances, such as the self-employed and professionals.

Afin Bank’s range includes mortgages for first-time buyers, home movers’, a remortgage product and a buy-to-let mortgage for people wanting to invest in the UK property market.

All Afin Bank products will be available as fixed rate or flexible tracker mortgages, and the buy-to-let mortgages will also be available to those clients who don’t currently own any UK property.

Afin Bank’s mortgages will be available for properties in England and Wales.