Afin Bank has launched a new mortgage proposition aimed at High Net Worth (HNW) borrowers whose wealth lies more in assets than in income.
The product, Afin Premier, enables clients to include assets such as pensions, investments, shares, real estate holdings, fine art and classic cars in affordability assessments. The bank says this approach reflects the needs of “asset rich” customers who may take lower incomes than would normally be required for large mortgage lending.
While such flexibility has traditionally been offered by private banks, Afin Premier will be available to all of Afin’s intermediary partners.
Tippie Malgwi, Business Development Director at Afin Bank, said the proposition was designed to address a gap in the mortgage market: “Standard mortgage methodology understandably focuses on income, but for many High Net Worth clients their wealth and affordability is in their assets. This means customers benefit from bespoke affordability assessments that reflect their entire asset base. Automated, tick-box approaches are unlikely to recognise the full value of such clients’ holdings.”
Afin Premier will apply across the bank’s full suite of residential mortgages – including for first-time buyers, movers and remortgagers – on properties in England and Wales. Options include fixed-rate and flexible tracker mortgages, with no early repayment charges on the tracker. Borrowers can also choose between repayment or interest-only structures.
Alan Davison, Chief Commercial Officer at Afin Bank, said demand for tailored mortgages among HNW borrowers is growing: “The number of clients that fall into the High Net Worth category is increasing every year, particularly with intergenerational wealth transfers. Yet their options remain limited, as many mainstream lenders won’t support them and they may not want to turn to a private bank.”
He added that Afin Premier reflects the bank’s mission to support underserved customers, providing a pragmatic, individualised approach to underwriting.
Afin Bank, which launched in July, already offers residential and buy-to-let mortgages for underserved groups such as foreign nationals, the self-employed and professionals. Backed by parent company WAICA Reinsurance Corporation Plc (WAICA Re), one of Africa’s largest reinsurers, the bank is now extending its reach to High Net Worth borrowers through Afin Premier.
