Marsden Building Society has introduced new changes to its residential mortgage criteria, now including professional sports persons and properties with large acreage.
The society will accept professional sports persons up to 80% loan-to-value (LTV), with a maximum retirement age of 40 unless sufficient post-retirement income is ensured.
Properties with up to 30 acres are accepted up to 80% LTV, provided there is no commercial usage or agricultural ties.
Second homes for family or holiday use are now accepted across all mortgage ranges, with a maximum 75% LTV.
Marsden will allow up to four applicants for a mortgage where there’s an immediate family relationship, up to 80% LTV, with a maximum age of 90 at the end of the term.
Tied accommodation for certain employment sectors like caretakers and armed forces is accepted, with a maximum of 75% LTV.
Income multiples were increased from 4.5-times to 5.5-times for sole applicants earning over £75,000, or £100,000 for joint applicants, based on affordability.
Donna Barclay, head of mortgages at Marsden Building Society, said: “We regularly review our mortgage criteria to ensure that we’re offering the best possible service for our brokers and their clients.
“We’re excited to unveil these significant updates to our Residential mortgages, which reflect our commitment to providing a tailored service based on intermediary feedback.
“We’re confident that these changes will help to provide more flexibility and accessibility for our residential borrowers.”
