Afin Bank has been granted its banking licence Authorisation with Restrictions (AwR).

The bank has been created to support people from Africa who find it difficult to get mortgages because of their nationality, visa status or lack of credit history in the UK.

The specialist lender’s products will also suit non-standard customers such as high net worth borrowers, professionals and self employed people who struggle to get a mortgage through mainstream providers.

It aims to start lending next year through intermediaries as well as via a digital app and will offer residential and buy-to-let (BTL) mortgages to people living in England and Wales.

In addition, the lender will offer BTL mortgages for borrowers based overseas in the West African countries of Ghana, Sierra Leone and The Gambia investing in the UK property market.

The bank will also offer a range of the Financial Services Compensation Scheme (FSCS) protected savings products to savers with a UK passport, as well people from Ghana, Nigeria, Sierra Leone and The Gambia resident in the UK.

Alongside working with intermediaries, the bank will also build partnerships with groups and organisations that are part of the African community, including cultural networks and associations.

Afin Bank chief commercial officer Alan Davison says: “Not only is this an important milestone for Afin Bank, it is also great news for under-served customers who are not being supported by mainstream lenders.”

“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 BTL lending.”