Expat Residential FAQs
If you have an expat case in mind, but want to find out more about our range, we’ve answered some frequently asked questions about our Expat Residential mortgages below. You can find out more about our great range of products on our Expat Residential product page or information about our criteria on our Expat Residential criteria page.
Last updated 30 May 2022.
What is an Expat Residential mortgage?
Our Expat Residential mortgages are available to your UK clients residing overseas who are a looking to purchase or remortgage a home in the UK as a base or for their family to live in. This could be for their spouse, partner, children or parents.
My client already has a property in the UK, can they still take out an Expat Residential mortgage?
Yes, if the existing property is a buy to let property, they can apply for an Expat Residential mortgage with us. The mortgage with us must be their main UK residence.
My client is self-employed and working abroad. Would they still be eligible for an Expat Residential mortgage?
Self-employed applicants are acceptable subject to the ability to provide 3 years’ trading history evidenced though financial accounts and an accountant’s reference from one of the following acceptable accountancy firms:
- Baker Tilly International;
- Crowe Horwath International;
- Ernst & Young (EY);
- Grant Thornton International;
- HLB International;
- KPMG International;
- Moore Stephens International;
- PKF International;
- PricewaterhouseCoopers (PwC);
- RSM International;
- UHY International.
My client's partner is not a UK Citizen, does that mean they cannot be named on the mortgage?
For an Expat Residential application, one applicant must be a UK Citizen as standard. In addition, this applicant will also have to contribute at least 50% of the total earnings in respect of the minimum income requirements. If there is a second applicant, or your client’s partner in this case, they may also be accepted providing they have a pre-settled/settled status or they have a permanent right to reside.
What types of properties will you consider?
Most types of residential properties are accepted but we do have a restriction on flats with a maximum LTV of 60% (we will not consider new build flats). You can find more details of acceptable and unacceptable properties on our Expat Residential criteria page.
Would a credit score affect my client's application?
No, we don’t credit score which works especially well for clients who have been abroad for several years and struggle to evidence credit history. Our underwriters will look at your client and use common sense to judge your client’s profile.
Can any family member live in the property whilst my client is outside the UK?
We will allow your client’s immediate family members (spouse, partner, children or parents) to reside in the property as long as they are not paying any rent.
Do you lend to applicants based anywhere in the world?
No, we’re unable to accept any new applications from your clients residing in the countries listed on our Expat Country Exclusions List which is available to download from our Expat Residential criteria page.
If you have an expat client who doesn’t reside in one of the countries listed, we’ll consider your application.
- How can my client apply for a Marsden Expat Residential mortgage?
What is the maximum loan size available for an Expat Residential mortgage?
For those looking to purchase or remortgage their property in the UK, we’ll lend up to 85% LTV on repayment or 50% LTV on an interest only basis. We require a minimum loan size of £30,000.
Please note, our 85% LTV products are restricted to a maximum loan size of £500,000 or product dependent, while our products offering up to 80% LTV have a maximum loan size of £750,000.
For further product details, please visit our Expat Residential product page.
What is the minimum deposit my client will need when applying for an Expat Residential mortgage?
A minimum 15% of the market value must be available as a deposit. The deposit can be the applicants’ own or gifted from an immediate family member (spouse, parent, grandparent, sibling, child or grandchild). Evidence of the source of deposit is required.
Is there a minimum income my client must earn to apply for an Expat Residential mortgage?
We require a minimum income requirement of £37,500 per Expat Residential mortgage application.
What is the minimum property value?
The minimum property value is £100,000 or product dependent.
Can my client remortgage their existing property and raise additional borrowing?
Yes, remortgaging and additional borrowing is available. A list of acceptable reasons for additional borrowing can be found on our Expat Residential criteria page.
What age can my client take out an Expat Residential mortgage?
The minimum age for an Expat Residential mortgage is 25. The loan must be repaid before your client’s state retirement age or their stated intended retirement age, whichever is lower. Further details regarding your client’s state retirement age can be found on our Expat Residential criteria page.
What documentation does my client need to provide?
You can download a copy of our documentation checklist from our ‘Downloads’ page which lists all the requirements for Expat Residential mortgage applications.
Is there an affordability calculator for Expat Residential mortgages?
Yes, if you’d like to check your client’s affordability for an Expat Residential mortgage, please use our Residential calculator which can be downloaded on our ‘Affordability calculators’ page.
Can I submit intermediary mortgage applications online?
Yes, you can submit an application using Intermediary Online.
You’ll need to register to use the platform, but you’ll be able to create and edit applications, upload documentation and receive notifications at each stage of the process.
Can I download intermediary application forms?
Yes, you can download our mortgage application forms on our ‘Downloads‘ page; however, if possible we would prefer you to submit your application online.
We can accept applications and supporting documents via email in the first instance at email@example.com but the original application form will need to be posted to our Principal Office address; Marsden Building Society, Principal Office, 6-20 Russell Street, Nelson, Lancashire BB9 7NJ.
Do I need to register to submit an intermediary mortgage application?
No, there is no need to pre-register if you’re applying via paper application, we will use the information provided when you submit your first application with us.
If you want to submit your application online, you will need to register for our Intermediary Online service.
Service Agent Agreement
What is a Service Agent Agreement?
A Service Agent Agreement is a document that your client will need to complete and sign before an expat mortgage can be completed. This will confirm the name and address of somebody in England or Wales who will act as the Service Agent and who the Society can serve papers to should the borrower fall into arrears and possession proceedings need to commence.
Why is a Service Agent Agreement needed?
If the Society commences possession proceedings against an expat borrower, the judge will need to ensure that the legal papers were served correctly should the case go to court. As the client resides outside of the UK, they could argue that the papers were not received and any hearing could be adjourned, leading to a delay in obtaining a warrant for possession.
If papers are delivered to a Service Agent acting on behalf of the borrower, courts will accept that papers have been served correctly.
Who can act as a Service Agent?
Although there are companies specifically set up to act as Service Agents, we will accept any person known to the borrower residing in England or Wales.
How often does a Service Agent Agreement need to be updated?
A Service Agent Agreement only needs to be obtained once; it is the borrower’s responsibility to notify the Society if a Service Agent moves address, in which case a new Service Agent Agreement would need to be completed.
How is a Service Agent Agreement issued?
Your client will receive an offer which will contain the relevant condition along with the Service Agent Agreement form, which will need to be returned before the mortgage can complete.
Can the mortgage complete whilst we wait for the Service Agent Agreement to be returned?
The Service Agent Agreement form must be completed and returned by your client before the mortgage can complete.