Afin Bank has cut interest rates on its High-Net-Worth Mortgage by up to 1.66% across the entire range.
The bank’s High-Net-Worth Mortgage was created for ‘asset rich, income-light’ borrowers that do not meet standard income-based criteria.
Instead, affordability is based on a customer’s net assets, including liquid assets such as pensions and investments, and illiquid assets such as property portfolios.
The specialist lender will also consider a mix of both liquid and illiquid assets, along with any income, to provide lending to customers with complex financial circumstances and significant net assets, such as business owners, entrepreneurs and retirees.
New rates for Afin HNW Mortgage are: Up to 65% LTV
Two-year fixed rate at 5.34% ; five-year fixed rate at 5.49%; and two-year tracker at Bank Base Rate +1.58%
For 66% to 70% LTV; a two-year fixed rate at 5.44%; a five-year fixed rate at 5.59%; two-year tracker – Bank Base Rate +1.63%
For 71% to 75% LTV: two-year fixed rate at 5.59%; five-year fixed rate at 5.63% and a two-year tracker – Bank Base Rate +1.73%*
All mortgages have a product fee of £1,495, which can be added to the loan, and are available for terms from two years to 40 years. Early Redemption Charges (ERCs) apply to the fixed rate deals, while the tracker mortgage has no ERCs.
