Marsden Building Society has updated its residential mortgage criteria, with changes impacting professional sports players and properties on large acres.
Marsden Building Society will now accept applications from professional sportspeople up to 80% loan to value (LTV) with a maximum retirement age of 40 at the end of the mortgage term, unless there is adequate investment or post-retirement income.
It will also lend on properties with up to 30 acres up to 80% LTV, as long as there is no commercial usage or agricultural tenancies or ties.
Marsden Building Society will now accept second homes for immediate family or personal holiday use across its mortgage ranges up to 75% LTV.
Further, attached or detached annexes will be accepted across all its mortgage products as long as the main residence is for personal use.
The mutual will now allow up to four applicants on a residential mortgage where there is an immediate family relationship, up to 80% LTV. The maximum age at the end of the mortgage term must be 90.
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Another change is that the mutual will now accept tied accommodation linked to employment sectors that require living onsite as part of the job, such as caretakers, farm workers, school staff, armed forces and members of the clergy, up to 75% LTV.
Lastly, Marsden Building Society has increased income multiples from four-and-a-half to five-and-a-half for sole applicants earning over £75,000 or joint applicants earning £100,000 or more. This will be subject to 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.”
Marsden Building Society has adjusted its criteria a few times this year, including changes to its later life and expat lending policy.
