"I am delighted that we have received our full approval in less than nine months and we can now start lending, helping people to move home, get the mortgage deal they deserve or get on the housing ladder for the first time"
- Alan Davison - Afin Bank
Afin Bank has received full regulatory approval from the Prudential Regulation Authority and the Financial Conduct Authority, allowing it to begin lending to borrowers who often struggle to access mortgages from traditional high street banks.
The new lender will focus on serving people from the African diaspora and other foreign nationals in the UK, particularly those with overseas passports and valid UK work visas. These individuals are frequently excluded from mainstream mortgage options due to issues such as limited UK credit history or visa status.
While Afin Bank's core proposition targets diaspora communities, its products are also open to any borrower who finds it difficult to secure a mortgage because of their personal circumstances. This includes the self-employed and professionals who may not meet standard underwriting requirements. Mortgages will be available on residential and investment properties located in England and Wales.
The bank’s product range includes mortgages for first-time buyers, home movers, remortgages, and buy-to-let investors. All products will be offered as either fixed-rate or flexible tracker options. The buy-to-let range is also available to clients who do not currently own property in the UK.
“We know from our own research that 87% of Africans living in the UK say they have been turned down for a mortgage,” said Jason Oakley, CEO of Afin Bank. “With 41% believing this was due to their visa status and 30% believing they were rejected because of a lack of UK credit history.”
“The problem is that so many mainstream lenders have highly automated processes that can’t deal with the circumstances that the African diaspora and other foreign nationals face, such as their visa or credit status, so they end up being rejected,” Oakley continued. “However, many of these borrowers have great jobs or their own businesses, with good earning potential. Afin Bank will take a pragmatic approach to these factors to understand a borrower’s situation and try to help them get a mortgage so they can finally have a home of their own.”
The idea for the bank was shaped by the experiences of African professionals living in the UK who, despite stable incomes, were unable to access home financing. Afin Bank’s criteria have been designed to address this gap and include several features aimed at easing barriers:
Applicants may originate from any country
Customers with a UK residency of at least six months will be considered
Deposits from overseas sources will be accepted, subject to anti-money laundering checks
The bank also aims to help other borrowers typically overlooked by large lenders, including those whose circumstances fall outside standard eligibility models.
“Afin Bank will treat its customers as people who need help overcoming obstacles,” explained Alan Davison, chief commercial officer (pictured). “Whether it’s their visa status because they come from overseas, or the fact that they are self-employed. Our focus is on helping more underserved borrowers get a home of their own.”
“The feedback from brokers and customers as we have been building Afin Bank has been fantastic,” Davison added. “So I am delighted that we have received our full approval in less than nine months and we can now start lending, helping people to move home, get the mortgage deal they deserve or get on the housing ladder for the first time.”
