Marsden Building Society has unveiled a series of additions to its residential mortgage criteria, now catering to professional sports persons and properties with large acreage.
The Society’s updated policy aims to broaden access to residential mortgages by providing more flexibility in both property types and acceptable income.
Professional sports persons are now accepted up to 80% LTV and with a maximum retirement age of 40 at the end of the mortgage term, unless adequate investment or post-retirement income can be determined.
Properties with up to 30 acres are also accepted up to 80% LTV, providing there’s no commercial usage or agricultural tenancies or ties.
Second homes for immediate family or personal holiday use will be accepted across each of the Society’s mortgage ranges, up to a maximum pf 75% LTV, and attached or detached annexes are accepted across all mortgage ranges, providing the main residence is for personal use.
Up to four applicants can be considered for a residential mortgage where there’s an immediate family relationship, up to 80% LTV and to a maximum age of 90 at the end of the mortgage term.
Tied accommodation linked to employment sectors who are required to live on-site as part of their employment, such as caretakers, farm workers, school staff, armed forces and members of the Clergy, are now accepted up to 75% LTV.
In addition, income multiples have increased from 4.5x to 5.5x for sole applicants earning over £75,000 or £100,000 for joint applicants, subject to affordability.
Donna Barclay, head of mortgages at Marsden Building Society, commented: “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.”
