In a continued effort to broaden opportunities for expats in the UK property market, Marsden Building Society has announced its re-entry into the expat furnished holiday let (FHL) market.
This move comes on the heels of the society’s recent expansion of its expat mortgage criteria, further solidifying its position as a key player in the expat property finance sector.
The new FHL offerings are designed to cater to both UK and foreign nationals looking to invest in the UK’s thriving tourist industry. Properties eligible for these mortgages must be located in England or Wales.
Key features of Marsden’s FHL mortgage products include:
- Availability to UK residents, UK expats and foreign nationals, with foreign nationals required to have permanent right to reside or pre-settled/settled status.
- No requirement for applicants to own a main UK residence, opening doors for first-time buyers and first-time landlords.
- Allowance for 90 days of personal use of the FHL property per year.
- No personal affordability assessment.
- Interest-only or repayment mortgages available up to 75% loan-to-value (LTV).
- Minimum personal income requirement of £25,000 per application.
- Minimum property value of £125,000.
- Rental income calculation based on 30 weeks, using an average of low, medium, and high season rates.
This re-entry into the FHL market complements Marsden’s recent updates to its expat mortgage criteria, which included accepting British Nationals Overseas Persons (BNOPs), expanding eligibility for foreign nationals, reducing the minimum application age to 21, and accepting Skilled Worker Visa holders for certain products.
These changes reflect a growing trend in the UK mortgage market to accommodate the unique needs of expat investors. For expats looking to capitalise on the UK’s robust tourist industry or simply seeking to maintain a foothold in the UK property market, Marsden’s expanded offerings present significant opportunities.