Afin Bank has launched new 5-year fixed rates across its owner occupied, buy-to-let, professionals and premier/high-net-worth product ranges with rates starting from 5.69%.
As part of its owner occupier offering, the lender launched 5-year fixed rates starting from 5.89%, with a maximum loan-to-value (LTV) of 90%.
For buy-to-let customers, Afin is offering 5-year fixed rates starting from 5.69%, with a maximum LTV of 75%.
The new 5-year fixed rates will sit alongside Afin’s existing 2-year fixed and tracker products.
All fixed rate products allow overpayments of up to 10% of the mortgage balance per year without penalty.
The bank has also launched a 5-year fixed rate and reduced its 2-year fixed rate on their professionals range by up to 0.75%, resulting in rates now starting from 6.14% and 5.59% respectively.
These are designed for professionals holding a recognised qualification and they can borrow up to 6.5 times income.
Lending is available up to 90% LTV on purchase and remortgage transactions.
On the bank’s premier and high-net-worth range, rates have been reduced by up to 0.50% with rates starting from 5.99% (2-year) and 6.29% (5-year).
All the two-year and five-year fixed rates have a £1,495 fee, apart from the buy-to-let rates which have a 2.5% fee. These fees can be added to the loan.
James Briggs (pictured), intermediary sales director at Afin Bank, said: “Brokers are seeing more and more clients who don’t meet the criteria of mainstream lenders, whether that’s due to how they earn, how their wealth is structured, or how much they may earn now rather than their future earning potential.
“In this environment, advisers need access to products that reflect real financial profiles, not just tick box lending.
“Our latest changes are designed to support such borrowers. The new five-year fixed rates offer greater long-term certainty, while the updated Professionals and Premier ranges cater for clients with strong future earnings or complex asset positions.
“Brokers need lenders who will take a considered view and that’s exactly the role we aim to play.”
