Afin Bank cuts HNW mortgage rates by up to 1.66%

Afin Bank has cut interest rates on its high-net-worth mortgage range by up to 1.66%.

The bank’s HNW mortgage was created for 'asset rich, income-light' borrowers that do not meet standard income-based criteria. Instead, affordability is based on a customer’s net assets, including liquid assets such as pensions and investments, and illiquid assets such as property portfolios. The specialist lender will also consider a mix of both liquid and illiquid assets, along with any income.

Following the latest reductions, two-year fixed rates now start from 5.34% up to 65% LTV. Five-year fixes are available at 5.49% an a two-year tracker product starts at Bank Base Rate +1.58%.

Up to 70% LTV, two-year fixed rates have reduced to 5.44%, five-year fixed rates to 5.59%, and two-year trackers to BBR +1.63%.

At 71% to 75% LTV, a two-year fix is down to 5.59%, five-year fix at 5.63%, and two-year tracker at BBR +1.73%.

All mortgages have a product fee of £1,495, which can be added to the loan, and are available for terms from two years to 40 years. 

Tippie Malgwi (pictured), head of high-net-worth and diaspora banking for Afin, said: “These cuts make our high-net-worth mortgage a competitive choice for complex cases where the borrower has significant net assets. And that doesn’t just mean “rich” people – they could be a hardworking business owner who takes a modest income, but has invested their money in a pension or property.

“This kind of mortgage has usually only been available from private banks who also manage the customer’s wealth. Afin is different – our loans are individually underwritten and our lending decisions are based on a deep understanding of a customer’s complete financial circumstances, not just their income. We consider a borrower’s asset base and provide them with a discreet, personal service to help them get the mortgage they need.”