Magellan Homeloans has announced its entry into the Help to Buy sector.
The specialist lender is offering Help to Buy: Equity Loan, London Help to Buy and Help to Buy – Wales and the government-backed scheme is now available across the entire Magellan residential mortgage product range.
With no credit scoring and a bespoke manual underwriting approach utilised on every application, Magellan is able to look at individual situations.
Rates start from 2.99% and there is a Fees Assisted option on all two and three-year fixed mortgages, offering no application fee, no valuation fee and a £450 cashback on completion.
Other benefits include mortgage offers valid for up to six months and proc fees paid on exchange of contracts.
Jason Neale, sales director, said: “I’m delighted that we can offer our expertise and extensive product range to Help to Buy borrowers who may have struggled previously to find a lender who could meet their complex needs. Add to that our aim of providing a best-in-class service and I believe we can really add value to brokers and their Help to Buy clients.”
Vikki Jefferies, proposition director at PRIMIS and PTFS, added: “We strongly welcome Magellan’s entry into the Help to Buy market. As a sector that will benefit greatly from innovation and development, Magellan is a great fit to bridge the numerous gaps, particularly when it comes to those customers with more complex circumstances who don’t qualify for traditional high street products.
“Inclusive, flexible options with the added benefit of the human element are all factors our advisers have told us they value so we are sure Magellan will be a popular choice amongst intermediaries. We look forward to future opportunities where we can work together to strengthen the market even further.”