If you have a case in mind, but want to find out more, we’ve answered some frequently asked questions about our Residential mortgages below.
Last updated 22 July 2022.
Our standard, UK Residential mortgages are available to your clients living within England or Wales. Whether they’re a first time buyer, moving home, or looking to remortgage an existing property, we could help.
We’re also pleased to offer a range of products tailored to those under different circumstances, so if your client fits into one of the below categories, please visit our Products landing page to find out more:
• Applicants looking for Shared Ownership;
• Applicants signed up/hoping to sign up for the Government’s First Homes Scheme;
• Applicants aged 55 or over;
• UK citizens residing overseas wanting to purchase an investment property or residential home in the UK;
• Applicants looking to purchase a Furnished Holiday Let.
Most properties of standard construction 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 Residential criteria page.
Our Residential mortgages are only offered to your clients living within England or Wales. If your client is a UK citizen residing overseas and they’re looking to purchase or remortgage a home in the UK as a base or for their family to live in, please visit our Expat Residential product page.
Yes, the interest on all of our mortgages is calculated daily. This means that your client will receive an immediate benefit for every payment made to the mortgage account, reducing the total amount of interest charged over the term of the mortgage.
Yes; a credit search will be carried out on your client after submitting an Applicant in Principle on their behalf, which will leave a soft footprint on their record. We do this so a decision can be made as to whether credit is available to the client. A hard footprint will be carried out at application.
If your client is applying for our Residential mortgage, we’ll lend up to 80% LTV of the market price (or up to £750,000) to those looking to purchase or remortgage their property on a repayment only basis; however, the maximum loan size can vary across our other mortgage types, so if you had another mortgage in mind, please visit our Products landing page to find out more.
We require a minimum loan size of £30,000 for all Residential products, excluding First Homes which rises to £35,000. For further product details, please visit our Residential product page.
If your client is applying for our Residential mortgage, a minimum 20% of the market value must be available as a deposit; however, the minimum deposit can vary across our other mortgage types, so if you had another mortgage in mind, please visit our Products landing page to find out more.
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.
As standard, we require a minimum income requirement of £17,500 per Residential mortgage application; however, this will rise to £37,500 if your client is applying for our Expat Residential mortgage.
If your client is applying for our Residential mortgage, the minimum property value is £100,000 or product dependent; however, the minimum property value can vary across our other mortgage types, so if you had another mortgage in mind, please visit our Products landing page to find out more.
Yes, remortgaging and additional borrowing is available. A list of acceptable reasons for additional borrowing can be found on our Residential criteria page.
The minimum age for a Residential mortgage is 21. 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 Residential criteria page.
You can download a copy of our documentation checklist from our Downloads page which lists all the requirements for Residential mortgage applications.
Yes, if you’d like to check your client’s affordability for a Residential 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 firstname.lastname@example.org 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.
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