"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"
- James Briggs - Afin Bank
Afin Bank has announced that it has launched new five-year fixed mortgage products across its owner occupier, buy-to-let, professionals, and premier/high net worth ranges. Rates start from 5.69%.
Owner occupier: Five-year fixed rates begin at 5.89%, with lending up to 90% loan-to-value (LTV).
Buy-to-let: Five-year fixed rates start from 5.69%, available up to 75% LTV.
The new products complement Afin’s existing two-year fixed and tracker options. All fixed-rate mortgages permit up to 10% overpayments each year without penalty.
Professionals range
Afin has added a five-year fixed product and lowered selected two-year rates on its professionals range by as much as 75 basis points. Rates now start at 5.59% for two-year terms and 6.14% for five-year terms.
This range is designed for borrowers holding a recognised qualification. Professionals can borrow up to 6.5 times income, with lending available up to 90% LTV for both purchase and remortgage cases.
Premier and high net worth
For its premier and high net worth range, Afin has reduced rates by up to 50 basis points. Pricing now begins at 5.99% for two-year fixes and 6.29% for five-year fixes.
The range targets borrowers considered asset rich but income light. This group includes individuals with wealth tied up in pensions, investments, property, or luxury assets such as fine art and classic cars. Although income may not meet mainstream lending criteria, overall net worth is taken into account.
Fees and repayment
All two-year and five-year fixed products carry a £1,495 fee, apart from buy-to-let mortgages which carry a 2.5% fee. Fees can be added to the loan. Early repayment charges are set at 2% and 1% for two-year fixes, and 5% down to 1% across the five-year fixed terms.
Broker perspective
“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,” said James Briggs, intermediary sales director at Afin Bank. “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.”
