Afin Bank has increased the maximum LTV to 95% for its Prime and Professional mortgage ranges, while cutting rates by up to 100bps across both.
The higher LTV is available on new products that offer two-year and five-year fixed rates for both Prime and Professional mortgages, with these starting from 6.39% and 6.24% for the respective customer bases.
Rates have been cut by up to 100bps across existing two-year and five-year fixed mortgages for these client bases, as well as two-year tracker mortgages. The lowest rate now available is 5.24%.
The existing Prime range has LTVs up to 80%, while these are limited to 90% for the existing Professional products.
The bank has also reduced Prime salary requirements to £35,000 for sole borrowers and £60,000 for joint applicants, with customers able to borrow up to 4.5 times their income. Foreign nationals can apply for an Afin mortgage with only six months UK residency.
Professional borrowers — those with a recognised professional qualification — already have access to 6.5 loan-to-income ratios but will now be able to borrow with just a 5% deposit. Those from overseas on a valid working visa will be able apply for a mortgage after only six months residency in the UK.
“These changes have been made to bring home ownership within reach of borrowers who don’t always get the support they need because their situations are a bit different,” said Jason Oakley, CEO at Afin Bank.
“We are supporting the self-employed, qualified professionals and foreign nationals working in the UK, who are vital to the growth of our economy.”
