If you’re an expat looking to invest in UK property, Marsden Building Society has just relaunched their expat holiday let mortgage range, making it easier than ever to get a slice of the lucrative holiday market in England and Wales.

What’s on Offer?

Marsden is offering competitive rates starting from 5.89%, making it a serious contender in the market. Whether you’re a seasoned investor or just starting out, this could be the perfect opportunity to dip your toes into the UK holiday let market.

Who’s Eligible?

The good news is that both UK and foreign nationals can apply for these mortgages. However, if you’re a foreign national, you’ll need to have permanent right to reside or pre-settled/settled status in the UK to be eligible.

First-Timers Welcome

Marsden is also open to first-time landlords and first-time buyers, making this a great option for those looking to get started in the property investment game.

You can even enjoy your new holiday home yourself! Marsden allows you to spend up to 90 days using the property for personal use each year. This means you can enjoy a few holidays in your own rental property, while still reaping the benefits of being a landlord.

What are the Key Requirements?

Here’s a rundown of the key requirements for Marsden’s expat holiday let mortgages:

• No personal affordability assessment: This means you don’t have to prove you can afford the mortgage based on your personal income alone.
• Interest only or repayment mortgages: You can choose an interest-only mortgage (where you only pay the interest) or a repayment mortgage (where you pay off the capital and interest) up to 75% loan to value (LTV).
• Minimum personal income requirement of £25,000: This is the minimum income required per application, so if you have a joint application, the total income would need to be at least £25,000.
• Minimum property value of £125,000: This ensures that the property is suitable for holiday lets and meets the required standards.
• Calculations based on 30 weeks’ rental income: Marsden will assess your rental income based on an average of low, medium and high seasons, making sure you have a solid financial foundation for your investment.
• No requirement for applicants to be an owner-occupier: This means you don’t have to live in the UK to qualify for this mortgage.

It’s all about Ease!

Donna Barclay, head of lending at Marsden Building Society, says: “We understand the challenges expats face when investing in UK property and we’re dedicated to providing them with the support they need.” She goes on to say that the new range will help brokers “provide an even smoother and seamless process for their expat clients.”