Marsden Building Society has made several changes to its expat mortgage criteria, including accepting British Nationals Overseas Persons (BNOPs) and foreign nationals.
The society’s enhanced policy was introduced to provide more flexibility and accessibility for expat clients, making it easier for intermediaries to submit business to the society.
BNOPs are now accepted for expat residential and expat buy-to-let (BTL) products, up to a maximum 75% loan-to-value (LTV).
In addition, foreign nationals are now accepted for expat residential and expat buy-to-let mortgages, as long as they have a permanent right to reside, indefinite leave to remain, pre-settled or settled status.
Applicants must have previously resided in the UK and have a credit profile to be eligible.
Skilled Worker Visas (formerly T2 Visas) are accepted on expat residential products, for foreign nationals who’ve secured employment in certain sectors within the UK.
Eligible applicants must have a job offer and a certificate of sponsorship from an approved UK-based employer to qualify for immigration status.
The minimum age at application has been reduced from 25 to 21 for both expat residential and expat buy-to-let cases.
Donna Barclay, head of lending at Marsden Building Society, said: “We’re 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’re 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’re confident that our revised criteria will be well received by our expat borrowers.”