Marsden Building Society has re-entered the expat holiday let market in England and Wales – with rates from 5.89%.
Both UK and foreign nationals can take out a loan, albeit the latter must have permanent right to reside or pre-settled/settled status to be eligible.
The society will consider first-time landlords and first-time buyers, while it permits 90 days of personally using the property.
Donna Barclay, head of lending at Marsden Building Society, said: “We understand the challenges expats face when investing in UK property and we’re dedicated to providing them with the support they need.
“Our relaunch into the expat furnished holiday let market further reflects our commitment to our intermediary partners and meeting the requirements of their expat clients.
“This coupled with our recent mortgage criteria updates will help to provide an even smoother and seamless process for brokers to submit business to us.”
Additional criteria for the Marsden’s range include:
- No personal affordability assessment
- Interest only or repayment mortgages up to 75% loan to value (LTV)
- Minimum personal income requirement of £25,000 per application
- Minimum property value of £125,000
- Calculations based on 30 weeks’ rental income using an average of low, medium and high season
- No requirement for applicants to be an owner-occupier