Mortgage News
Marsden launches range of expat mortgages through packager
Marsden Building Society, in partnership with Expat Packager, has launched a raft of residential products for non-resident British expatriates living abroad.
Marsden is offering purchase and remortgage deals from 3.04% and with loan-to-value (LTV) ratios of up to 80%.
The product mortgage terms extend up to 35 years for properties worth over £100,000, while overpayments of up to 5% per annum are allowed without penalties. Contractors are accepted, but borrowers must be aged 25+.
Stuart Marshall, managing director of Expat Packager, said: “Available through Expat Packager, the new Marsden packaged products present a competitive offering for mortgage brokers and their clients, particularly those who might traditionally struggle to secure acceptance from lenders.
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Heather Crinion, general manager at Marsden Building Society, said: “We have developed an intimate understanding of the complexities that customers living outside the UK face when trying to secure finance. Our new residential products address some of these issues first-hand.”
Expat interest
Demand for ex-pat lending appears to be a growing market. Last month TMA mortgage club director David Copland told Specialist Lending Solutions: “The biggest area of demand is expats, brokers tell me, and we still don’t have enough lenders in that market.”
“People still want to have a foothold in the country, so expat mortgages are the one I get asked about most often,” he added.
Skipton International, based in Guernsey, has been reporting a spike in mortgage enquiries from British nationals abroad since the Brexit vote in June as Sterling fell to an eight-year low against the euro and tumbled against other currencies.
The offshore lender said nearly a quarter of enquiries came from British expats in the United Arab Emirates (UAE), with others from the USA, Hong Kong, Singapore and Switzerland.
The rising interest in expat buy-to-let mortgages led to a raft of criteria tweaks and product refreshes from Aldermore, One Savings Bank, Ipswich, Vida Homeloans and Saffron Building Society in the last six months.