Following its pilot of a new near prime mortgage range through appointed representatives, Magellan Homelands has announced that directly authorised advisers can now also access its entire mortgage range via its approved packager panel.
The range offer borrowers currently disenfranchised by mainstream lenders because of their credit profile the opportunity to apply for a mortgage with a flexible underwriting approach.
The new range includes the following features:
- A choice of variable and two or three-year fixed with rates starting from 3.41%, depending on LTV and borrower circumstances.
- A fixed completion fee of £995 for loans up to 80% LTV and £1,495 for loans up to 85% LTV.
- No early redemption charges on variable rate deals and no overhanging ERC’s on fixed rates.
- A “personal manual underwriting approach”.
Full product details, including rates and charges, are available from Magellan’s website: www.magellanhomeloans.co.uk
Directly authorised advisers can access the products via any Magellan Homeloans approved packagers and distributors, which includes Active Investments, AToM, Brightstar, Brilliant Solutions, Complete FS, Manor Mortgages, Sesame Bankhall Mortgage Processing, The Select Partnership, Solent Mortgage Services, The Finance Centre, The Mortgage Partnership and The Mortgage Processing Centre.
“Our intermediary partners have been asking us to extend our product range up the credit curve because of the large number of borrowers that are being declined or cascaded to more expensive products, as a result of other lenders automated credit scoring systems,” said Simon Read, managing director of lending at Magellan Homeloans.
“Following a successful pilot we’re delighted to be making our products available via directly authorised brokers. This development will enable more intermediaries to offer borrowers the benefits of our flexible underwriting approach and competitively priced specialist mortgage products.”