Afin Bank has raised its maximum loan-to-value (LTV) to 95% across its Prime and Professional ranges, as well as reducing rates across selected products.
The lender has introduced new higher-LTV options, with Prime 2-year and 5-year fixed rates set at 6.39% and 6.49% up to 95% LTV, while Professional borrowers can access 2-year and 5-year fixes at 6.24% and 6.34% up to 95% LTV.
Existing Prime products up to 80% LTV now start from 5.24% on 2-year fixes and 5.34% on 5-year fixes, with 2-year trackers ranging from 5.99% to 6.39% and no early repayment charges (ERCs).
Professional products up to 90% LTV now offer 2-year fixes from 5.34% to 5.99%, 5-year fixes from 5.49% to 6.09% and trackers from 6.09% to 6.74%, also without ERCs.
Afin has also updated its lending criteria.
The minimum income requirement for Prime mortgages is £35,000 for sole applicants and £60,000 for joint borrowers, with lending available up to 4.5 times income.
Foreign nationals can apply after just six months of UK residency.
Jason Oakley, chief executive officer of Afin Bank, said: “Brokers and customers have told us that in the current economic climate, not only do they need products designed for their specific circumstances, they also want mortgages that are more affordable, with smaller deposits.
“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. We are supporting the self-employed, qualified professionals and foreign nationals working in the UK, who are vital to the growth of our economy.”
