If you have a case in mind, but want to find out more, we’ve answered some frequently asked questions about our Expat Buy to Let mortgages below.
Last updated 27 March 2023.
Our Expat Buy to Let mortgages are available to your UK clients who are residing overseas, looking to purchase or remortgage a Buy to Let property in the UK.
If your client’s rental income on the property doesn’t pass the initial stress test, we can consider top slicing. By doing this, the case would be subject to an affordability assessment and income multiples.
Please note, your client must be paid in one of our acceptable currencies.
If your client already has a Buy to Let mortgage, it shouldn’t affect their application as long as they have less than 3 other mortgaged Buy to Let properties worldwide.
Self-employed applicants are acceptable subject to their ability to provide 3 years’ accounts in a format that is readily understood, in English. If earned income is to be considered, accounts must be available and produced by a recognised firm of international accountants as below;
For the directors of Ltd companies, we use salary plus dividend or net profit after tax, whichever is the lowest of the two. For sole traders, we accept net profit after expenses but before local tax.
For an Expat Buy to Let 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.
For rental stress test information please refer to our criteria page - 'Interest Coverage Ratio' under 'Income'.
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 Buy to Let criteria page.
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.
We’ll lend up to 75% LTV of the market price (or up to £750,000) to those looking to purchase or remortgage their property on an interest only or repayment basis. We require a minimum loan size of £100,000.
For further product details, please visit our Expat Buy to Let product page.
A minimum of 25% 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.
We require a minimum income requirement of £37,500 per Expat Buy to Let mortgage application.
The minimum property value is £167,000 or product dependent.
Yes, remortgaging and additional borrowing is available. A list of acceptable reasons for additional borrowing can be found on our Expat Buy to Let criteria page.
The minimum age for an Expat Buy to Let mortgage is 25, while the maximum is 85 (at the end of the mortgage term if we are not using income to support).
You can download a copy of our documentation checklist from our Downloads page which lists all the requirements for Expat Buy to Let mortgage applications.
Yes, if top slicing is required then you can check your client’s affordability for an Expat Buy to Let mortgage, please use our Residential calculator which can be downloaded on our Affordability calculators page.
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.
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.
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
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.
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.
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.
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.
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.
The Service Agent Agreement form must be completed and returned by your client before the mortgage can complete.
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