In a move set to benefit expats looking to purchase property in the UK, Marsden Building Society has announced substantial changes to its expat mortgage criteria.
The updated policy, which applies to both Expat Residential mortgages and Expat Buy to Let mortgage ranges, introduces more flexibility and accessibility for expat clients.
Key highlights of the new criteria include:
- British Nationals Overseas Persons (BNOPs) are now eligible for Expat Residential and Expat Buy to Let products, up to 75% loan-to-value.
- Foreign nationals can now apply for expat mortgages, provided they have permanent right to reside, indefinite leave to remain, or pre-settled/settled status. Applicants must have previously lived in the UK and have an established credit profile.
- The minimum age for applicants has been reduced from 25 to 21 for all expat mortgage products.
- Skilled Worker Visa holders (formerly T2 Visa) are now accepted for Expat Residential products, subject to specific criteria.
These changes represent a significant expansion of opportunities for expats seeking to invest in UK property.
The inclusion of BNOPs and foreign nationals in the eligible applicant pool opens doors for a wider range of international buyers. Additionally, the lowered minimum age requirement allows younger expats to enter the UK property market earlier.
For skilled workers planning to relocate to the UK, the acceptance of Skilled Worker Visas for residential mortgages is particularly noteworthy. This change caters to the growing number of professionals moving to the UK for work, enabling them to establish roots through property ownership.
To speak to an expert at UK Expat Mortgage about your financing options, contact us today.