"We’re always reviewing and adapting our products to meet the evolving needs of our borrowers."
- Donna Barclay, head of lending at Marsden Building Society
Marsden Building Society has announced several changes to its expat mortgage criteria, including accepting British Nationals Overseas Persons (BNOPs) and foreign nationals.
The new criteria changes apply to the Society's expat residential and buy-to-let mortgage ranges.
As part of the changes, BNOPs are now accepted for both residential and buy-to-let products, up to a maximum LTV of 75%.
Foreign nationals will also be accepted as long as they have a permanent right to reside, indefinite leave to remain or pre-settled/settled status. Applicants must have previously resided 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 annum.
• Joint applicant minimum income of £35,000 per annum.
• Proof of residing in the UK for a minimum of 12 months.
• 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.
In addition, the minimum age at application has been reduced from 25 to 21 for both residential and buy-to-let cases.
Donna Barclay, head of lending at Marsden Building Society, commented: “We’re always reviewing and adapting our products to meet the evolving needs of our borrowers. Feedback from our intermediary partners is vital to shaping our service, so we’re excited to unveil these significant revisions to our expat lending criteria. 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.”
