Norton Finance has been announced as a launch partner for Afin Bank, the newly launched lender targeting underserved segments of the UK mortgage market.
The partnership will see Norton Finance take a leading role in distributing Afin Bank’s products to advisers nationwide, helping brokers place cases for clients who may fall outside mainstream lending criteria.
The arrangement will also see Norton provide packaging support for complex applications.
Afin Bank’s offering is aimed at borrowers often overlooked by traditional lenders, including members of the African diaspora and other foreign nationals residing in the UK, as well as self-employed workers and individuals with limited UK credit history.
The bank has positioned itself as a lender with a pragmatic, manual underwriting process designed to accommodate non-standard applications.
The new lender will accept overseas deposits (subject to anti-money laundering checks), and has no minimum credit score requirement. Applicants need only have been UK residents for six months, and eligible countries include Nigeria, Ghana, Sierra Leone and Gambia.
Capital raising is permitted for a range of purposes including debt consolidation, business investment and tax liabilities.
Other notable features of the proposition include tracker options without early repayment charges and dedicated 90% LTV products for qualified professionals, with income multiples of up to 6.5.
SELF-EMPLOYED
Self-employed borrowers will benefit from Afin’s flexible criteria, which allows for the use of one year’s accounts, forecasted income and retained profits or directors’ loans as evidence of affordability.
Paul Stringer (pictured), co-chief executive at Norton Group, welcomed the partnership, commenting: “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, said: “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.”
