Marsden Building Society’s upped overpayment threshold will apply to expat residential solutions that are subject to early repayment charges (ERCs).
This is the latest update to its expat residential range, with other criteria changes made earlier this year including expats returning to the UK being eligible for expat residential solutions.
This is the case for the same employer or having a new contract in the same field with a future start date.
Marsden Building Society also changed its criteria so professional sportspeople are accepted for up to 80% loan to value (LTV), with a maximum age of 40 at the end of the mortgage term, unless adequate investment or post-retirement income can be determined.
Income multiples increased from four-and-a-half times to five-and-a-half times for sole applicants earning over £75,000, and it is £100,000 for joint applicants, subject to affordability.
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Katie Broome, product manager at Marsden Building Society, commented: “We’re confident that the increase in overpayments on expat residential solutions will be a welcome addition to our recently enhanced criteria.
“We understand that borrowers are looking for fair solutions that offer good flexibility, which is why we regularly review our criteria and introduce changes, such as this, to better support our broker partners and their clients.”
