BNOPs and foreign nationals now allowed under new criteria
Marsden Building Society has updated its expat mortgage criteria, now accepting British national overseas persons (BNOPs) and foreign nationals.
The changes aim to offer more flexibility for expat clients, facilitating intermediaries in submitting business to the society. The updated criteria apply to both expat residential and expat buy-to-let mortgage products.
BNOPs are now eligible for these mortgages, with a maximum loan-to-value (LTV) of 75%. Foreign nationals are accepted for these mortgages if they have permanent residency, indefinite leave to remain, or pre-settled/settled status. Applicants must have previously lived in the UK and possess a credit profile.
In addition, skilled worker visas, formerly known as T2 visas, are now accepted for expat residential products. Applicants must have a job offer, a certificate of sponsorship from an approved UK employer, and meet specific income and residency requirements. The minimum age for applicants has also been lowered from 25 to 21 for both mortgage types.
The additional criteria for foreign nationals with skilled worker visas include several specific requirements. A sole applicant must have a minimum income of £25,000 per annum, while joint applicants must have a combined minimum income of £35,000 per annum. Applicants must also provide proof of residing in the UK for at least 12 months and hold a skilled worker visa with a minimum of 12 months remaining at the time of application.
Regarding deposits, gifted deposits can account for a maximum of 25% of the total deposit and must come from an immediate family member. These funds must not originate from a high-risk country. Additionally, 75% of the deposit must be evidenced as coming from the applicant’s own savings.
The revised mortgage products are available through sourcing systems and on the Marsden intermediary website.
“We’re always reviewing and adapting our products to meet the evolving needs of our borrowers,” said Donna Barclay, head of lending at Marsden Building Society. “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.”
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