Marsden increases overpayments on new Expat Residential mortgages

Marsden Building Society has doubled the maximum overpayments for new Expat Residential mortgage applications, from 5% to 10%.

The increased overpayment threshold applies to Expat Residential* solutions that have ERCs. This latest update also follows a number of changes to the Society’s Expat Residential criteria, including:

• Expats returning to the UK now being eligible for Expat Residential solutions, whether they’re with the same employer or have a new contract in the same field with a future start date.
• Professional sports persons accepted for up to 80% LTV on Expat Residential, with a maximum age of 40 at the end of the mortgage term, unless adequate investment or post-retirement income can be determined.
• Income multiples increased from 4.5x to 5.5x for sole applicants earning over £75,000 or £100,000 for joint applicants, subject to affordability.

Katie Broome, Product Manager at Marsden Building Society, commented: “We’re confident that the increase in overpayments on Expat Residential solutions will be a welcome addition to our recently enhanced criteria. We understand that borrowers are looking for fair solutions that offer good flexibility, which is why we regularly review our criteria and introduce changes, such as this, to better support our broker partners and their clients.”

*Applicable to new business only.