Afin Bank approved £135 million of mortgages during its first 12 months of operation and attracted more than £60 million in savings deposits.
The specialist lender, which also offers savings accounts protected by the Financial Services Compensation Scheme, launched in July, less than nine months after receiving approval with restrictions from regulators.
Afin initially focused on mortgages for foreign nationals working in the UK on valid work visas. It has since widened its lending to other borrowers underserved by mainstream banks, including self-employed people, contractors, qualified professionals, customers with complex incomes and high-net-worth individuals.
The bank employs more than 40 staff across two sites. Its headquarters are in London, while its underwriting and customer services teams are based at its Centre of Excellence in Birmingham.
Jason Oakley (pictured), chief executive of Afin Bank, said: “Reaching £135 million in mortgage approvals in a year not only shows how well the bank is doing, it also proves there is a need for a bank like Afin that helps borrowers let down by mainstream lenders because their needs do not fit a tick box.
“The support we have had from brokers has been incredible, not only in terms of the business they have given us, but also the valuable relationships we have built that have helped shape and improve our products and services. Here’s to an incredible second year!”
Afin is backed by WAICA Re, one of Africa’s largest reinsurance companies. WAICA committed £62 million to launch the bank in the UK, providing it with capital to fund its operations.
The bank offers residential and buy-to-let mortgages and a recently launched regulated bridging service for properties in England and Wales. It said it was preparing to introduce further lending and savings products during its second year.
Katrina Arnold, chair of Afin Bank, adds: “Launching a bank takes a lot of hard work and commitment, so I would like to thank all our colleagues, adviser partners, suppliers, investors and of course our customers for their support, helping Afin reach this amazing milestone.
“As the economic conditions continue to become even more challenging for consumers, with many lenders becoming stricter with their lending criteria, I am proud that Afin Bank is here for borrowers whose circumstances are a little bit different, providing a commonsense approach to lending and helping people to buy their first property, move home or remortgage.”
