The lender said the changes to its expat mortgage criteria would apply to its expat residential and expat buy-to-let (BTL) solutions and offer “more flexibility for UK borrowers residing overseas”.
Expats returning to the UK can now access the firm’s expat residential deals. They can be with the same employer or have a new contact in the same field with a future start date.
Professional sportspeople can secure up to 80% loan to value (LTV) in its expat residential range. The maximum retirement age is 40 at the end of the mortgage term, unless “adequate investment or post-retirement income can be determined”.
Second homes are now acceptable up to 75% LTV in its expat residential or BTL range, as long as the home is for personal holiday use or immediate family.
Attached or detached annexes are permitted in all mortgage ranges as long as the main residence is for personal use.
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Properties with up to 30 acres are eligible up to 80% LTV as long as there is no commercial use or agricultural tenancies or ties.
Donna Barclay, head of mortgages at Marsden Building Society, said: “As a specialist lender, it’s important that we review our lending policies regularly to ensure they meet the evolving needs of our expat borrowers.
“These latest updates aim to provide better support and flexibility for brokers and their expat clients, further reflecting our commitment to personalised lending solutions.”
In October, Marsden Building Society increased the maximum LTV for expat residential mortgages by five percentage points to 85%.
