Access Financial Services has shaped a semi-exclusive distribution partnership with Afin Bank, a brand new lender set to launch later this yr.
As a part of the collaboration, Access FS will distribute mortgage loans on behalf of Afin Bank, focusing on under-served African and different overseas nationwide diaspora communities within the UK.
Access FS says it’s dedicated to addressing the wants of shoppers from under-served communities and 90% of its advisers are from numerous backgrounds.
Afin Bank has been created to assist folks from Africa who discover it troublesome to get mortgages due to their nationality, visa standing or lack of credit score historical past within the UK.
It acquired a banking licence authorisation with restrictions in October final yr. As a part of its proposition, it should provide residential and buy-to-let residence loans to folks dwelling in England and Wales via brokers and a digital app.
Access FS mortgage gross sales and advertising director Nick Jones says: “This is completely aligned with our experience – lending to the African diaspora within the UK is a good match for us. With excessive loan-to-value mortgages as much as 90%, our mortgage and safety advisers are well-positioned to serve the neighborhood.”
“Many skilled Africans within the UK, working within the in sectors equivalent to well being or finance, for instance, don’t get the assist they want from mainstream lenders once they’re making an attempt to purchase a house: almost 9 in ten Africans within the UK say they’ve been turned down for a mortgage.”
“With Afin Bank, we’re working to alter that. By partnering with them, combining their lending and our distribution – we even have safety advisers who work for the NHS – we’re going to assist extra Africans flip homeownership desires into actuality.”
“And we can assist Afin Bank form and place the product – that was why Gable Mortgages selected to partner completely with us for his or her 100% LTV pilot.”
Afin Bank middleman gross sales director James Briggs provides: “It’s unbelievable to be working alongside Access FS to convey accessible, high-quality mortgage merchandise to the African and different diaspora communities, in addition to different specialist debtors.”
“This partnership displays our shared dedication to addressing the monetary boundaries confronted by these communities, providing them the chance to realize homeownership or spend money on the UK property market.”
