Marsden updates Country Exclusions list

We’ve made important updates to our Country Exclusions list, bringing welcome news for intermediaries whose clients are UK residents but may travel to, or be temporarily stationed in, Higher Risk countries for work.

These changes mean that applications from clients with certain overseas financial connections may now be considered, providing there’s full disclosure and satisfactory documentation regarding the nature of residency, financial links and transactions.

Incomplete or insufficient documentation will still result in an application being declined.

Higher Risk countries - lending considered with MLRO approval

The countries on our updated Country Exclusions list have been assessed by the Financial Action Task Force as having Anti Money Laundering deficiencies. Under the recent changes, our team may consider applications linked to these countries; however, they’ll be subject to enhanced due diligence.  

What this means for your clients

These changes provide greater flexibility for intermediaries supporting clients with complex financial or international circumstances. While applications remain subject to strict terms and conditions, our updated Country Exclusions list offers new mortgage options for UK-based clients working globally.

Some examples of situations where your client’s case could now be considered by the Marsden are as follows:

• Military personnel stationed in an EU country and residing in barracks.
• Charity workers posted in a Higher Risk country, with a full referral required.
• Deposits received from family members in a Higher Risk country, providing the funds are transferred to a UK account 3 months prior.
• UK nationals living and working in the UK and paid in an accepted currency, but with periodic business travel to an EU or Higher Risk country.
• UN workers visiting Higher Risk countries for business, providing they reside in the UK for most of their employment.
• Seafarers with boats registered in a Higher Risk country but based in the UK and exempt from UK tax.
• Oil workers employed by companies in Higher Risk countries, providing they spend at least 50% of the year at home in the UK.
• Applicants living and working in an accepted country but having any form of bank account, savings account, pension, or property in the EU or Australia. Please note that they cannot be resident of the EU or Australia.

Find out more about our Country Exclusions updates

If you have a question about the recent changes to our Country Exclusions list, or want to discuss a specific case, get in touch with our broker support team by calling 01282 440583^ or emailing intermediaries@themarsden.co.uk. Alternatively, you can find direct contact details on our ‘Meet the Distribution team’ page.

^Calls will be recorded and may be monitored