Afin Bank has unveiled Afin Premier, a new mortgage proposition tailored specifically for High Net Worth borrowers. The product allows clients to use a wide range of assets, including pensions, investments, shares, real estate, fine art, and classic cars, when determining their mortgage affordability.
According to the bank, Afin Premier is particularly suitable for “asset rich” individuals whose declared income may not ordinarily support the size of mortgage they require. In its affordability calculations, Afin will take into account either the applicant’s independently verified net assets or a combination of income and assets.
Traditionally, High Net Worth mortgages have been the preserve of private banks. However, Afin Premier will be available to all intermediaries partnered with the lender.
The new product was developed with input from Tippie Malgwi, Business Development Director at Afin Bank, drawing on his private banking experience working with wealthy clients. He said: “This is another example of Afin Bank supporting underserved customers. Standard mortgage methodology understandably focuses on income, but for many High Net Worth clients their wealth and affordability is in their assets, as opposed to their earnings.
“This means that a customer will benefit from bespoke affordability, taking into account their entire asset base. Lender solutions that only use a highly automated tick box approach to mortgage applications are unlikely to be flexible enough to consider valuable assets when assessing affordability.”
Afin Premier will apply across the bank’s full residential mortgage range, including products for first-time buyers, home movers, and remortgages, covering properties in England and Wales. Customers can select between fixed-rate or flexible tracker mortgages, with the tracker option carrying no Early Repayment Charges. Repayment and interest-only choices will also be available.
Alan Davison, Chief Commercial Officer at Afin Bank, said: “From speaking to brokers they tell us the number of clients that fall into the High Net Worth category is growing every year, especially when it comes to factors such as intergenerational wealth. However, their options for getting a mortgage are limited as many mainstream lenders won’t support them and they don’t necessarily want to move to a private bank.
“Afin Premier embodies our mission to support customers who, because of their circumstances, are underserved by bigger lenders. At Afin, High Net Worth borrowers will be treated as individuals, with a straightforward and pragmatic approach to underwriting, to help them get the mortgage they need.”
Afin Bank launched in July, offering residential and buy-to-let mortgages designed for underserved segments such as foreign nationals, the self-employed, professionals, and now High Net Worth borrowers. The bank is supported by its parent company, WAICA Reinsurance Corporation Plc (WAICA Re), one of Africa’s largest reinsurance groups.
