Marsden Building Society has updated its Country Exclusions list, opening up more options for intermediaries working with clients who have international financial ties.
Applications linked to higher risk countries, as set by the Financial Action Task Force (FATF), will now be considered, but will need enhanced due diligence and sign off from the money laundering reporting officer (MLRO).
Marsden said this makes things more flexible for clients working abroad or with overseas finances.
The change could help military personnel based overseas, charity workers on temporary assignments in higher risk countries who go through a full referral, oil workers who live in the UK at least half the year, and seafarers with boats registered in higher risk countries but based in the UK and exempt from UK tax.
People receiving gifted deposits from family in higher risk countries may also be considered under the new rules.
Jo Cave, head of mortgages at Marsden Building Society, said: “We recognise that many UK residents work in roles that require international travel, or have financial links overseas.
“These adjustments reflect our commitment to providing specialist mortgage solutions for brokers and their clients and we’re confident that our revised Country Exclusions list will be a welcome update for our intermediary partners and their clients.”
