Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Marsden Building Society Updates Expat Buy-to-Let Lending Criteria

Marsden Building Society has revised its expat mortgage criteria, removing several documentation requirements and updating its approach to country eligibility. The changes affect expat buy-to-let (BTL) applicants and simplify the application process for both employed and self-employed borrowers.

The mutual has eliminated its minimum income requirement for expat BTL mortgages. Self-employed applicants now need to provide only one year’s accounts, or two years if top-slicing is used. Employed applicants are now required to submit just their latest payslip. Additionally, the requirement for a mandatory employer’s reference on BTL applications has been removed.

Marsden Building Society has also changed its policy on country eligibility. Instead of using a fixed country exclusions list, the lender will now assess eligibility based on real-time data from the Financial Action Task Force (FATF). Applications will not be accepted from customers living in, or with financial links to, countries on the FATF’s high-risk and increased monitoring lists. The lender will also continue to decline applications from residents of EU and EEA countries, due to the absence of service agreements, and from Australian residents because of legislative restrictions.

Alongside the expat lending changes, Marsden Building Society has simplified requirements for additional borrowing applications across its mortgage range. Brokers are directed to the lender’s latest documentation checklists for further details.

These updates are relevant for UK letting agents and inventory clerks working with expat landlords, as they may impact the eligibility and documentation process for new and existing clients seeking buy-to-let mortgages.