Nearly nine in ten Africans in the UK have been denied a mortgage, a figure that highlights a severe disconnect between traditional UK lending institutions and the realities faced by African nationals. According to new research conducted by specialist lender Afin Bank, 87% of African residents in the UK have been refused mortgage applications due to factors relating to their foreign nationality. This reveals a pressing need for inclusive banking tailored to the African diaspora.
Top Reasons Why Africans in the UK Are Being Denied Mortgages
The study, based on a sample of 500 Africans living and working in the UK, uncovered alarming statistics:
- 48% were rejected due to visa status
- 41% were declined because of their nationality
- 30% cited lack of UK credit history
- 28% had passports that lenders would not accept
- Another 28% were rejected because their proof of funds wasn’t accepted
These statistics reflect a worrying trend where African nationals are unfairly excluded from mainstream financial services in the UK. In fact, 28% of those surveyed admitted they were reluctant to even apply for a mortgage due to concerns about their visa status. Another 24% cited their nationality as a barrier, and 20% were discouraged by their lack of UK credit history.
Even Successful Applicants Face Challenges
Among those who managed to secure a mortgage, 25% described the process as difficult and frustrating. Many applicants reported feeling like they had to “prove they belonged,” despite having stable jobs and sufficient income.
The Demand Is High – But the System Doesn’t Serve
The research shows that African nationals in the UK are ready and willing to invest in property:
- 41% already have a mortgage
- 38% have applied for one in the last 18 months
- 36% are planning to apply in the next 18 months
- 31% are considering a remortgage
Yet, 92% of respondents believe African nationals are still underserved by the UK financial system. This sentiment indicates a critical need for a culturally aware and inclusive financial institution — exactly what Afin Bank seeks to offer.
How Afin Bank Is Changing the Landscape for Africans in the UK
According to Alan Davison, Chief Commercial Officer at Afin Bank, the bank’s vision is deeply rooted in the experiences of Africans who struggled to find mortgage support. “There are over 1.5 million African nationals in the UK,” he said. “They are working, building businesses, and contributing to society. Yet many cannot buy a home due to outdated lending criteria.”
Afin Bank is designed to fill this gap, factoring in issues like limited UK credit history or alternative visa types. Backed by WAICA Re, an African reinsurer that has committed £62 million, the bank was granted its Authorisation with Restrictions (AwR) in October 2024 and is preparing for full launch.
Voices from the Community
Ezikpe Kalu, Managing Director at Diffstone Property and a British Nigerian who has lived in the UK for 18 years, knows these struggles firsthand.
“Despite having strong income and stable employment, getting my first mortgage was difficult. I had to prove I belonged. Today, I work with professionals who are more than mortgage-ready, yet still get rejected. Afin Bank offers a culturally aware solution. For many, this isn’t just a loan — it’s a new beginning.”
What Afin Bank Offers
Upon full launch, Afin Bank will provide:
- Residential mortgages tailored for African and other foreign nationals
- Buy-to-let mortgage products for overseas investors
- FSCS-protected savings accounts
- Support for self-employed and high-net-worth individuals
- A simplified banking experience via a secure mobile app
For more on their services, visit www.afinbank.com or follow them on @AfinBankUK on X and Instagram.
Conclusion: The Path Forward for African Mortgage Seekers in the UK
With traditional lenders still applying rigid criteria that do not reflect the realities of the African diaspora, the arrival of Afin Bank comes at a crucial time. The need for accessible mortgage solutions for Africans in the UK is urgent and growing. By offering understanding, flexibility, and innovation, Afin Bank is poised to unlock the dreams of thousands seeking to build a stable future in the UK.
Contact: Paul Beadle – Email: [email protected] – Mobile: 07801 105001
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