Marsden Building Society has announced key updates to its country exclusions list, bringing new opportunities for intermediaries working with clients with complex financial or international ties.
This latest update means that applications connected to certain higher risk countries, as assessed by the Financial Action Task Force, may now be considered by the Society, subject to enhanced due diligence and MLRO approval.
The move introduces greater flexibility for clients whose employment or financial circumstances involve international links.
Amongst those who may benefit from these changes are; miliary personnel stationed overseas, charity workers temporarily posted in higher risk countries (full referral required), oil workers who reside in the UK at least 50% of the year, and seafarers whose boats are registered in higher risk countries but based in the UK and exempt from UK tax.
Applicants receiving gifted deposits from family members residing in higher risk countries may also be considered by the Marsden under the enhanced list.
Jo Cave, head of mortgages at Marsden Building Society, commented: “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.”
