Marsden Building Society has eased its stance on mortgage applications linked to countries deemed higher risk by global regulators, offering brokers greater flexibility when working with clients whose circumstances involve overseas connections.
The society confirmed that applications connected to certain jurisdictions on the Financial Action Task Force’s Higher Risk list will now be considered, provided they are subject to enhanced due diligence and approval from the money laundering reporting officer.
The change will particularly benefit applicants such as military personnel stationed abroad, charity workers on temporary postings, oil workers who reside in the UK for at least half the year, and seafarers whose vessels are registered in higher risk countries but are based in Britain and exempt from UK tax.
In addition, gifted deposits from family members residing in those countries may also be assessed under the revised rules.
Jo Cave, head of mortgages at the Marsden, said: “We recognise that many UK residents work in roles that require international travel, or have financial links overseas.
“These adjustments reflect our commitment to providing specialist mortgage solutions for brokers and their clients and we’re confident that our revised Country Exclusions list will be a welcome update for our intermediary partners and their clients.”
The lender stressed that applications will only be accepted where there is full disclosure and satisfactory documentation of residency, financial ties and transactions. Any application with incomplete or insufficient evidence will continue to be declined.
