Heather Crinion, general manager operations at The Marsden Building Society, said: “We’ve been offering expat products since 2012 and brokers are dealing more and more with Britons living abroad. Uncertainty over Brexit and the fact one in ten people born in Britain are living abroad is driving this trend as many of those still require a mortgage.”
Crinion said the mutual takes a ‘common-sense’ approach to life events and will always let brokers speak to underwriters or the head of lending on ‘hard-to-explain’ cases.
“For example, on first-time landlords, they may not have a credit footprint or credit score in the UK but we can always ask for last known address and find them on the voter’s roll if they have been out of the country for under six years. If abroad for longer, we can always look at foreign bank statements or UK accounts to get an overview of how they manage their financial commitments. There’s always a lot we can do,” she added.
On residential, the mutual credit searches borrowers but won’t credit score and accepts gifted deposits.
Marsden is willing to lend on properties in any Financial Action Task Force (FATF) countries, income from 14 countries and contract workers are acceptable but the contract must have been renewed at least once.
On buy to let, the criteria above also applies on maximum loans of £750,000 to landlords with a maximum of three buy-to-let properties across any number of lenders.
The mutual also accepts earned income to support rental shortfall if it is on its acceptable currency list and allows new builds up to 80% loan to value (LTV) for properties due to complete construction within three months of application.
Marsden is headquartered in Nelson in Lancashire and was established in 1860.