Norton Finance has been confirmed as a launch partner for Afin Bank, a new digital bank, to support its mortgage proposition.
As part of the launch partnership, Norton Finance will work closely with Afin Bank to distribute its mortgage products to advisers across the UK. This collaboration will create a key route to market, offering brokers essential support with case placement and packaging for clients who fall outside traditional lending norms.
Afin Bank was created to help underserved customers such as the African diaspora and other foreign nationals living and working in the UK to access mortgages. The bank says its lending products may also be suitable for UK-resident customers who struggle to get mortgages from high street banks, like self-employed workers.
It offers a pragmatic, manual underwriting approach designed to help borrowers who fall outside the standard criteria used by many mainstream providers. This includes individuals with limited UK credit history, such as those living and working in the UK via the visa system, and self-employed applicants with one year’s accounts or forecasted income.
Afin Bank’s proposition includes a wide range of features designed for clients with non-standard profiles, including:
- No minimum credit score required.
- Manual underwriting on all cases.
- Minimum UK residency of just six months.
- Applicants accepted from anywhere in the world, including Nigeria, Sierra Leone, Gambia and Ghana.
- Overseas deposits accepted (subject to AML checks).
- Capital raising allowed for debt consolidation, property investment, business purposes and tax bills.
- ERC-free tracker options.
- Dedicated 90% LTV products for qualified professionals, with loans available up to 6.5 times income.
- Self-employed borrowers can also benefit from flexible criteria, including the acceptance of one year’s accounts, forecasted income and retained profits or directors’ loan income.
Paul Stringer, Co-CEO at Norton Group, said:
“We are proud to be a launch partner for Afin Bank as it brings a fresh and inclusive approach to the specialist mortgage market. Its criteria fills a significant gap for clients who often find themselves overlooked by traditional lenders, whether that’s due to their residency status, credit profile or employment set-up.
“At Norton, we see these cases every day. Clients with good affordability who just need a lender to look beyond the surface. Afin Bank is doing just that, and we’re pleased to support its launch phase with our distribution and broking expertise.”
James Briggs, Intermediary Sales Director at Afin Bank, added:
“Norton’s long-standing track record in helping clients access specialist finance makes them an ideal launch partner for Afin Bank. Our mission is to support borrowers who contribute to the UK’s economic and social fabric but are often excluded by rigid mortgage criteria.
“With Norton’s insight and distribution network, we’ll be able to reach the advisers and clients who will benefit most from a lender that looks at the full picture and not just a credit score.”
