Newly launched UK bank Afin Bank has announced its new Premier mortgage proposition, which is specifically designed for high net worth (HNW) borrowers.

Afin Premier allows clients to include assets including their pensions, investments, shares, real estate holdings, and items such as art and cars, when assessing their affordability for a mortgage.

The bank, which launched in July and is backed by parent company WAICA Reinsurance Corporation, said the proposition would be suitable for ‘asset rich’ clients who may take a lower income than would normally be required for the size of mortgage.

When calculating affordability for a mortgage, Afin will take into account the client’s independently verified net assets, or a mix of income and verified assets.

Afin Bank said HNW mortgages have traditionally been offered primarily by private banks, while Afin Premier will be available to all the intermediaries the bank works with.

Afin Premier will be available across the bank’s full range of residential mortgages for first time buyers, home movers and remortgages, for properties in England and Wales.

“This is another example of Afin Bank supporting underserved customers,” commented Afin Bank business development director, Tippie Malgwi.

“Standard mortgage methodology understandably focuses on income, but for many HNW clients their wealth and affordability is in their assets, as opposed to their earnings.

“This means that a customer will benefit from bespoke affordability, taking into account their entire asset base. Lender solutions that only use a highly automated tick-box approach to mortgage applications are unlikely to be flexible enough to consider valuable assets when assessing affordability.”

Afin Bank chief commercial officer, Alan Davison, added: “From speaking to brokers they tell us the number of clients that fall into the HNW category is growing every year, especially when it comes to factors such as intergenerational wealth.

"However, their options for getting a mortgage are limited as many mainstream lenders won’t support them and they don’t necessarily want to move to a private bank.

“Afin Premier embodies our mission to support customers who, because of their circumstances, are underserved by bigger lenders.

"At Afin, HNW borrowers will be treated as individuals, with a straightforward and pragmatic approach to underwriting, to help them get the mortgage they need.”

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