Marsden Building Society has revised its expat mortgage criteria, removing its minimum income requirement for expat buy-to-let and reducing the documentation required from applicants.

Under the changes, self-employed applicants will need to provide one year of accounts, rising to two years where top slicing is used, while employed applicants will be required to provide only their most recent payslip.

The society has also removed the requirement for an employer’s reference on buy-to-let applications.

COUNTRY ELIGIBILITY

Marsden has removed its existing Country Exclusions list and will instead assess expat applications using current data from the Financial Action Task Force (FATF).

It will not accept applications from customers who live in, or have financial links to, countries included on the FATF High-Risk and Increased Monitoring lists.

Applications from customers living in EU or EEA countries will also remain outside criteria because of the absence of service agreements, while Australian residents will not be accepted because of legislative restrictions.

ADDITIONAL BORROWING

The society has also simplified the requirements for additional borrowing applications across its mortgage portfolio. Intermediaries have been advised to consult its latest documentation checklists for the revised requirements.

Jo Cave, head of mortgages at Marsden Building Society, said: “These changes demonstrate our ongoing commitment to supporting intermediaries with flexible lending solutions and straightforward processes.

“We’ve listened to broker feedback and taken steps to reduce unnecessary administration, making it easier to submit and place expat cases with us.

“Combined with our manual underwriting approach, these enhancements give brokers greater flexibility and more opportunities to meet the needs of their expat clients.”