Magellan Homeloans has introducednew criteria across both Complex Prime and Credit Repair product ranges.
The changes are designed to enable Magellan to provide better value to borrowers who don’t fit the strict criteria of high street lenders and those struggling with credit scoring systems.
Simon Read (pictured), managing director of Magellan Homeloans, said: “We are constantly reviewing and reflecting on how our unique bespoke underwriting approach can add greater value to the specialist intermediary sector. ‘We review each case on its own merits’ is an approach which can be difficult to represent in product design.
“We believe the changes announced today will provide mortgage intermediaries with greater clarity on the wide variety of complex borrower profiles our approach enables us to consider, whilst also making the process of applying for a Magellan Homeloans mortgage simpler.”
“As a lender who doesn’t use credit scoring, we understand that many borrowers have complex income profiles or minor credit blips relating to mobile phone, utility or other non-credit related debts that are often temporary,” added Jason Neale, Magellan’s sales director.
“These borrowers are often denied access to mortgage finance by other lenders, yet their circumstances aren’t always a reflection of an inability to afford and repay a mortgage.
“We are delighted to be in a position to help borrowers who have these more recent credit blips and further strengthen our position as the only lender to offer solutions across the entire credit spectrum.”