Marsden Building Society has increased the maximum loan to value (LTV) for expat residential mortgages by five percentage points to 85%.
Marsden Building Society’s move follows a recent decision to accept foreign nationals, British National Overseas Persons (BNOPs) and applicants with Skilled Worker visas, aimed at making it easier for expat borrowers.
Donna Barclay, head of mortgages at the society, said the decision had been taken to deal with the evolving needs of borrowers.
“We work closely with our broker network to ensure we’re offering the most appropriate solutions for their clients. As a result, we’re confident that this latest change will be well received by our expat borrowers,” she said.
Expat residential mortgages are also eligible for free valuations up to £500,000 and fee-assisted legal costs for remortgaging.
Marsden Building Society’s residential and buy-to-let (BTL) expat mortgages are now available to single applicants with a skilled worker visa who have secured employment in certain UK sectors.
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Extra criteria include a minimum income of £25,000 per year, or, for joint applicants, a minimum income of £35,000 per year.
They must also have proof that they’ve resided in the UK for at least 12 months, with 75% of the deposit coming from their own savings.
The company also re-entered the expat holiday let mortgage market back in August, launching products for both foreign nationals and UK residents, though foreign nationals must have either permanent right to reside or pre-settled/settled status.
First-time landlords are eligible for these mortgages, and those holding them can use the properties themselves for up to 90 days.
