We’ve added Qatari Royal to our acceptable currencies…
We’ve developed our expertise around expat lending having been in the market since 2010. We work closely with intermediary partners to ensure that our products support the needs of expat clients as well as monitoring the economy of countries involved.
As a result of this, we have added Qatari Riyal into our acceptable currency list.
Expat Residential: What’s affected?
For our Expat Residential portfolio, when calculating income, we use the worst case from the following 2 scenarios:
- The lowest exchange rate over the last 5 yrs
- Exchange rate on the date of application less 20%
We have a list of acceptable currencies that are applicable and Qatari Riyal has been added to these to give your clients more access.
Expat Buy to Let: What’s affected?
For our Expat Buy to Let products, if the sterling rental income is enough to cover the stressed mortgage payment then your client’s application is good to go. However, if earned income is needed to top up the rental shortfall, it needs to be paid in one of our accepted currencies…. and Qatari Riyal has been added to give more access.
Here’s some key things to keep in mind about who we lend to…
- We will lend to clients living and working in the 35 countries that are part of the Financial Action Task Force (FATF)
- We will also look at some countries that sit in sub fractions of FATF
If your clients’ rental sterling income doesn’t cover the mortgage payments, you will need to check our acceptable currencies.
Get in touch
Find out more on the website: www.themarsden.co.uk/intermediaries
Get in touch with their Intermediary Support Team on 01282 440583 or intermediaries@themarsden.co.uk or your BDM, Jacqui Turner, j.turner@themarsden.co.uk
