New lender will offer residential and BTL mortgages to African and overseas borrowers investing in UK property
Afin Bank, a newly established specialist lender focused on supporting African nationals in the UK and overseas borrowers investing in UK property, has been granted an Authorisation with Restrictions (AwR) licence.
The bank aims to address the mortgage challenges faced by people from Africa, including visa status, nationality, and lack of UK credit history, which often prevent them from accessing mainstream financial services. Backed by WAICA Reinsurance Corporation, one of Africa’s largest reinsurers, Afin Bank has secured £60 million in funding to support its mission.
The bank is expected to start lending in 2025, offering residential and buy-to-let mortgages in England and Wales. It will also provide BTL products for investors from Ghana, Sierra Leone, and The Gambia seeking to enter the UK property market.
The bank’s CEO, Jason Oakley, co-founded SME lender Recognise Bank, while Alan Davison (pictured), former distribution director at Together Personal Finance, serves as chief commercial officer.
We're thrilled to announce that Afin Bank has been granted its banking licence with Authorisation with Restrictions (AwR)! This marks an important milestone in our commitment to supporting people from other countries, especially from Africa. Visit https://t.co/zZTDkSZdCV for more pic.twitter.com/zP95GIQnO8
— AfinBank (@AfinbankUK) October 22, 2024
Afin Bank’s product range is designed to cater to a broad array of non-standard customers, including high-net-worth individuals, self-employed professionals, and foreign nationals often underserved by traditional lenders.
“Not only is this an important milestone for Afin Bank, its launch is also great news for underserved customers who are not being supported by mainstream lenders,” Davison said.
“While there are some buy-to-let products available to non-UK nationals, there are very few residential mortgages designed for foreign nationals looking to buy their own home. Borrowers are usually considered by most banks simply on credit appetite, rather than being offered products that suit their needs.
“Afin Bank’s credit underwriting will be tuned to our customers’ circumstances, ensuring common-sense decisions, quick service and certainty for the borrower and their intermediary, for both residential and buy-to-let lending.”
In addition to working with intermediaries, Afin Bank plans to partner with cultural networks and associations within the African community to extend its reach. The bank will also offer FSCS-protected savings products to UK passport holders and residents from Ghana, Nigeria, Sierra Leone, and The Gambia.
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