Afin Bank has increased its maximum LTV to 95% for its prime and professional mortgages, while also cutting existing rates by up to 100bps across both ranges.
In its prime range, a new higher LTV product will be available from 80% to 95% LTV, with two-year fixed rates starting from 6.39% and five-year rates at 6.49%. Professional rates at 90% to 95% LTV start from 6.24% and 6.34% respectively.
Rates for existing products in Afin’s prime and professional range have been reduced by up to 100bps.
In its existing prime range up to 80% LTV, two-year fixed rates now start from 5.24%, five-year fixes from 5.34%, and two-year tracker rates from 5.99%.
Professional rates up to 90% LTV have reduced to 5.34% fixed for two years, 5.49% fixed for five years, and 6.09% for a two-year tracker.
In addition to introducing a maximum 95% LTV, the minimum salary requirement for a prime mortgage will be just £35,000 for sole borrowers and £60,000 for joint applicants, and customers will be able to borrow up to 4.5 times their income. Foreign nationals can apply for an Afin mortgage with only six months UK residency.
The lender’s professional range already offers enhanced loan-to-income ratios of 6.5 for anyone with a recognised professional qualification, but they can now borrow with just a 5% deposit with the enhanced maximum 95% LTV. Professionals from overseas on a valid working visa will be able apply for a mortgage after only six months residency in the UK.
All of Afin’s mortgages are individually underwritten, helping to overcome challenges many underserved borrowers face such as complex income streams, more limited credit histories and, in the case of foreign national customers, UK residency of less than the minimum 12 months typically required by mainstream lenders.
In additions to its prime and professional products, Afin also supports ‘asset rich’ high net worth customers via its premier range, as well as buy-to-let borrowers.
Jason Oakley, CEO of Afin Bank, said: “Brokers and customers have told us that in the current economic climate, not only do they need products designed for their specific circumstances, they also want mortgages that are more affordable, with smaller deposits.
“These changes have been made to bring home ownership within reach of borrowers who don’t always get the support they need because their situations are a bit different. We are supporting the self-employed, qualified professionals and foreign nationals working in the UK, who are vital to the growth of our economy.”
