This includes a change that will see Marsden Building Society accept borrowers who are British National Overseas Persons (BNOPs) and foreign nationals
Marsden Building Society has revised its lending criteria for expat mortgage borrowers.
This includes a change that will see Marsden Building Society accept borrowers who are British National Overseas Persons (BNOPs) and foreign nationals.
The mutual will consider BNOPs for expat residential and expat BTL products up to 75% LTV. Marsden Building Society will also consider foreign nationals for the same products, as long as they have a permanent right to reside, indefinite leave to remain, or pre-settled or settled status.
Foreign nationals from a high-risk country will require a referral.
Borrowers with skilled worker visas, formerly T2 visas, will be accepted on expat residential mortgages if they have secured employment in certain sectors within the UK.
They must have a job offer and certificate of sponsorship from an approved UK-based employer to qualify for immigration status.
Foreign nationals with skilled worker visas must have an income of at least £25,000 per year for sole applicants, or £35,000 for joint applicants. They must prove they have resided in the UK for at least 12 months and have at least 12 months on their visa at the time of application.
Marsden Building Society will accept gifted deposits of up to 25% of the full deposit, and this must be from an immediate family member who does not originate from a high-risk country.
It has also lowered the minimum age at application from 25 to 21 for both expat residential and expat buy-to-let cases.
The mutual said these changes would offer greater flexibility and accessibility to expat borrowers.
Donna Barclay, head of lending at Marsden Building Society, said: We are 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 are 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 are confident that our revised criteria will be well-received by our expat borrowers, she added.