Afin Bank, a new digital bank serving foreign nationals and UK borrowers, has launched new five-year fixed rates across its owner occupier, buy to let, Professionals and Premier/High Net Worth product ranges with rates starting from 5.69%.

The new five-year fixed rates will sit alongside Afin’s existing two-year fixed and tracker products. All fixed rate products allow overpayments of up to 10% of the mortgage balance per year without penalty.

The Bank has launched a five-year fixed rate and reduced its two-year fixed rate on their Professionals range by up to 75 basis points, resulting in rates now starting from 5.59% (two-year) and 6.14% (five-year). These are designed for professionals holding a recognised qualification and they can borrow up to 6.5 times income across the Professionals range. Lending is available up to 90% LTV on purchase and remortgage transactions. 

On the Bank’s Premier and High Net Worth range, rates have been reduced by up to 50 basis points with rates starting from 5.99% (two-year) and 6.29% (five-year). This range is designed for High Net Worth (HNW) borrowers who are considered “asset rich” but potentially “income light”. 

This includes individuals with significant wealth tied up in pensions, investments, shares, real estate holdings and luxury assets such as fine art and classic cars. Essentially, clients whose income alone may not meet the criteria for a standard mortgage but whose overall net worth makes them creditworthy.

All the two-year and five-year fixed rates have a £1,495 fee, apart from the buy-to-let rates which have a 2.5% fee. These fees can be added to the loan. Early Repayment Charges are 2%, 1% on the two-year fixed rates and 5%/4%/3%/2%/1% on the five-year fixed rate products.

James Briggs, intermediary sales director at Afin Bank, says: “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.

“Our latest changes are designed to support such borrowers. The new five-year fixed rates offer greater long-term certainty, while the updated Professionals and Premier ranges cater for clients with strong future earnings or complex asset positions. Brokers need lenders who will take a considered view and that’s exactly the role we aim to play.”