Lender returns to expat Furnished Holiday Lets mortgage market

A lender has re-entered the market for expats seeking to buy furnished holiday lets.

The Marsden Building Society - which specialises in products for expats - says it will consider applications both from UK nationals living abroad as well as foreign nationals purchasing in England or Wales.

Applicants do not need a principal UK residence so first-time buyers and first-time landlords can apply. The society also permits 90 days of personal use of the property each year.

It foreign nationals seeking FHL mortgages must have permanent right to reside or pre-settled or settled status.

There is no personal affordability assessment and applicants can seek either  an interest- only or repayment mortgage up to 75% loan to value.

The Marsden requires a minimum personal income requirement of £25,000  with a minimum property value of £125,000:
affordability calculations are based on 30 weeks’ rental income using an average of low, medium and high season.

The Marsden’s head of lending Donna Barclay says: “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 provide an even smoother and seamless process for brokers to submit business to us.”