Afin Bank hits £135m in mortgage approvals in 12 months
Afin Bank has celebrated its first full year in operation by hitting a lending milestone of £135m in mortgage approvals in just 12 months. The Bank, which also offers FSCS protected savings accounts, has also topped £60m in savings deposits.
Afin launched last July, less than nine months after receiving its Approval with Restrictions (AwR) from the regulators. Initially the Bank focussed on providing mortgages to foreign nationals working in the UK on valid work visas, but it has now expanded its support to a wide range of underserved borrowers, such as the self-employed and contractors, qualified professionals, people with complex incomes and high-net-worth customers.
The Bank now has over 40 staff based at two centres, with its main headquarters in London and its Centre of Excellence in Birmingham which is home to its underwriting and customer services teams.
Jason Oakley, CEO, Afin Bank, said: “Reaching £135m in mortgage approvals in a year not only shows how well the Bank is doing, it also proves there is a need for a bank like Afin that helps borrowers let down by mainstream lenders because their needs do not fit a tick box.
“The support we have had from brokers has been incredible, not only in terms of the business they have given us, but also the valuable relationships we have built that have helped shape and improve our products and services. Here’s to an incredible second year!”
Afin Bank is supported by parent company WAICA Re. one of Africa’s largest reinsurance firms. WAICA committed £62m to launch Afin in the UK, so unlike many other start-up banks, Afin has not had to struggle to find capital to fund it.
The Bank offers residential and buy-to-let mortgages, as well as a newly launched regulated bridging service, for properties in England and Wales. As it enters its second full year in operation, Afin says it is gearing up to offer new products and propositions, both in lending and savings, to support the underserved.
Katrina Arnold, chair, Afin Bank, added: “Launching a bank takes a lot of hard work and commitment, so I would like to thank all our colleagues, adviser partners, suppliers, investors and of course our customers for their support, helping Afin reach this amazing milestone.
“As the economic conditions continue to become even more challenging for consumers, with many lenders becoming stricter with their lending criteria, I am proud that Afin Bank is here for borrowers whose circumstances are a little bit different, providing a commonsense approach to lending and helping people to buy their first property, move home or remortgage.”