Afin Bank launches residential and buy-to-let mortgages after receiving full approval

The range is designed for people from the African diaspora and other foreign nationals in the UK who struggle to get mortgages.


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Wednesday 23rd July 2025

Alan Davison Afin Bank

Afin Bank has launched a range of residential and buy-to-let mortgages designed to support underserved borrowers, after being given full approval by the PRA and the FCA.

The new lender was created to support people from the African diaspora and other foreign nationals with an overseas passport and a valid visa to work in the UK, who can struggle to get a mortgage from mainstream lenders because of circumstances such as their visa status or lack of UK credit history. 

The lender says that while designed with people from diaspora communities in mind, its mortgages may also be suitable for all borrowers struggling to get a mortgage because of their circumstances, such as the self-employed and professionals.

Afin Bank’s range includes a mortgage for first-time buyers, a home movers’ mortgage, a remortgage product and a buy-to-let mortgage for people wanting to invest in the UK property market. 

All Afin Bank products will be available as fixed rate or flexible tracker mortgages, and the buy-to-let mortgages will also be available to those clients who don’t currently own any UK property. Afin Bank’s mortgages will be available for properties in England and Wales.

The inspiration for Afin Bank came from the experiences of Africans living in the UK, often in well-paid professional roles, who were unable to put down roots because they could not get a mortgage from mainstream banks. 

Afin’s research found that almost nine out of ten (87%) Africans in the UK say they have been turned down for a mortgage, with 41% believing this was due to their visa status and 30% believing it was because of a lack of UK credit history.

Afin will accept applications from clients originating from anywhere in the world with a minimum UK residency of just six months and flexible criteria around accepting deposits from overseas, subject to anti-money laundering checks.

Capital raising is allowed for debt consolidation, property investment, business purposes and tax bills.

Afin Bank has reached full launch less than nine months after receiving its Authorisation with Restrictions (AwR) in October last year. The bank is backed by parent company WAICA Reinsurance Corporation (WAICA Re), one of the largest reinsurance companies in Africa, which has committed £62m to launch the bank.

It will offer its mortgages through brokers and via a Community Ambassadors Programme, where people in diaspora communities will introduce friends, family and contacts to Afin Bank’s in-house mortgage advisers.

The bank will also unveil a range of FSCS protected savings accounts for all UK savers in the coming weeks.

Alan Davison (pictured), chief commercial officer for Afin Bank, explained: “Afin Bank will treat its customers as people who need help overcoming obstacles, whether it’s their visa status because they come from overseas, or the fact 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, 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.”

James Briggs, intermediary sales director for Afin Bank, said: “There are millions of borrowers who can find it hard to get a mortgage from a mainstream lender, perhaps because they’re self-employed and their current income does not reflect their previous years’ accounts or they have multiple income streams, or because they don’t have an established UK credit history. 

“But they have important jobs with great income potential or are creating businesses; the kind of people the UK economy needs now, so they deserve to be supported. The human touch is at the heart of Afin Bank. Our focus is on understanding the customer’s needs, making common-sense decisions to offer them the most suitable mortgage. We will work closely with brokers and borrowers, using technology to bring speed, efficiency and certainty to our customer service and lending decisions.”

Rozi Jones - Editor, Financial Reporter

Author:
Rozi Jones Editor, Financial Reporter
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