Marsden Building Society has relaxed its residential lending across a range of criteria covering property types, income levels and professional sports people.
Highlights of the mutual changes cover:
- Income multiples increased from 4.5 times to 5.5 times for sole applicants earning over £75,000 or £100,000 for joint applicants
- Second homes for immediate family or personal holiday use are now accepted across mortgage ranges up to 75% loan to value
- Up to four applicants are now considered for a residential mortgage where there’s an immediate family relationship, up to 80% LTV to a maximum age of 90 at the end of the mortgage term
- Properties with up to 30 acres are now accepted, up to 80% LTV, providing there’s no commercial usage or agricultural tenancies or ties
- Professional sports people accepted for 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
Marsden Building Society head of mortgages Donna Barclay says that the changes, “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.”
