Marsden Building Society has re-entered the Expat Furnished Holiday Let (FHL) market, offering more opportunities for UK and foreign nationals to invest in the UK’s tourist industry.
As a specialist expat mortgage lender, the Society will consider applications from UK and foreign nationals* purchasing property in England or Wales. It’s important to note that foreign nationals must have permanent right to reside or pre-settled/settled status to be eligible for an FHL mortgage with the Marsden.
Applicants are not required to own a main UK residence, meaning the Society will consider first-time buyers and first-time landlords**. The Society also permits 90 days of personal use of the FHL property per year.
Additional criteria for the Marsden’s FHL range include:
No personal affordability assessment
Interest only or repayment mortgages up to 75% loan to value (LTV)
Minimum personal income requirement of £25,000 per application
Minimum property value of £125,000
Calculations based on 30 weeks' rental income using an average of low, medium and high season
No requirement for applicants to be an owner-occupier
Donna Barclay, Head of Lending at Marsden Building Society, commented: “We understand the challenges expats face when investing in UK property and we’re dedicated to providing them with the support they need. Our relaunch into the Expat Furnished Holiday Let market further reflects our commitment to our intermediary partners and meeting the requirements of their expat clients. This coupled with our recent mortgage criteria updates will help to provide an even smoother and seamless process for brokers to submit business to us.”
