Marsden Building Society has re-launched its range of mortgage products for expats looking to buy a furnished holiday let property.

Marsden BS is a a specialist expat mortgage lender, and will consider applications both from UK nationals living abroad as well as foreign nationals purchasing property in England or Wales. 

Applicants are not required to own a main UK residence, so first-time buyers and first-time landlords can apply. The Society also permits 90 days of personal use of the property each year.

In order to eligible for these FHL mortgages, foreign nationals need to have permanent right to reside or pre-settled/settled status.

There is no personal affordability assessment on this mortgage and applicants have the option of taking an interest only or repayment mortgage up to 75% LTV. In terms of other criteria Marsden requires  a minimum personal income requirement of £25,000  with a minimum property value of £125,000.

Calculations for affordability are based on 30 weeks’ rental income using an average of low, medium and high season. 

Marsden Building Society head of lending Donna Barclay says: “We understand the challenges expats face when investing in UK property and we’re dedicated to providing them with the support they need. 

“Our relaunch into the expat furnished holiday let market further reflects our commitment to our intermediary partners and meeting the requirements of their expat clients. 

“This coupled with our recent mortgage criteria updates will help provide an even smoother and seamless process for brokers to submit business to us.”

The Society’s expat FHL mortgage products are available on sourcing systems and the Marsden Intermediary website.