Marsden Building Society has made a raft of changes to its expat mortgage criteria, which it says will provide more accessibility for these clients and make it easier for brokers to submit business to the mutual.
The lender will accept British national overseas persons and foreign nationals as expats, adding that its changes apply to its expat residential and expat landlord mortgage ranges.
These include:
- British national overseas persons are now accepted for expat residential and expat buy-to-let products, up to a maximum of 75% loan-to-value
- Foreign nationals are now accepted for expat residential and expat BTL mortgages, as long as they have a permanent right to reside, indefinite leave to remain or pre-settled/settled status. Applicants must have previously lived in the UK and have a credit profile to be eligible
- Skilled worker visas (formerly T2 visas) are accepted on expat residential products, for foreign nationals who’ve secured employment in certain sectors within the UK. Eligible applicants must have a job offer and a certificate of sponsorship from an approved UK-based employer to qualify for immigration status. Additional criteria for foreign nationals with skilled worker Visas include:
- Sole applicant minimum income of £25,000 per year
- Joint applicants minimum income of £35,000 per year
- Proof of living in the UK for a minimum of 12 months
- A skilled worker visa with at least 12 months remaining at the point of application
- Gifted deposits can be a maximum of 25% of the total deposit, must be from an immediate family member and not originate from a high-risk country
- 75% of the deposit must be evidenced from the client’s own savings resources
The mutual points out that the minimum age at application has been reduced from 25 to 21 for both expat residential and expat BTL cases.
It adds that foreign nationals from a high-risk country will require a referral.
Marsden Building Society head of lending Donna Barclay says: “These adjustments reflect our commitment to providing specialist mortgage solutions for brokers and their clients and we’re confident that our revised criteria will be well received by our expat borrowers.”
