Marsden Building Society has increased the maximum overpayments allowed on new expat residential mortgages from 5% to 10%.
The change applies to expat residential products with early repayment charges (ERCs).
Other updates to criteria include allowing expats returning to the UK to apply, whether they have the same employer or a new contract in the same field with a future start date.
Additionally, professional sports persons are now accepted for up to 80% loan-to-value (LTV) on expat residential mortgages, with a maximum age of 40 at the end of the mortgage term, unless sufficient investment or post-retirement income is shown.
Income multiples have also increased from 4.5 times to 5.5 times for sole applicants earning more than £75,000, or £100,000 for joint applicants, subject to affordability.
Katie Broome, product manager at Marsden Building Society, said: “We’re confident that the increase in overpayments on Expat Residential solutions will be a welcome addition to our recently enhanced criteria.
“We understand that borrowers are looking for fair solutions that offer good flexibility, which is why we regularly review our criteria and introduce changes, such as this, to better support our broker partners and their clients.”
