Magellan Homeloans’ range of products are now available to members of the PMS Mortgage Club.
Intermediaries will have access to Magellan’s Complex Prime and Credit Repair products, which have been designed for borrowers who are unable to obtain a mortgage from a high street lender, including those who are self-employed and who have complex incomes.
Jason Neale, sales director at Magellan Homeloans, said: “Magellan’s proposition has been designed to address a sector of the mortgage market that has been ignored by mainstream lenders for far too long.
“Our products are ideally suited to borrowers who have been declined on credit score and who have historical adverse credit records. We manually underwrite all cases and are looking forward to working with PMS and their intermediaries over the coming months.”
Jane Benjamin, lender relationship manager at PMS, added: “I have no doubt that brokers will welcome the addition of Magellan to our lender panel. Their specialist products provide an opportunity for intermediaries to develop a new income stream, by helping borrowers who have been disenfranchised by other lenders.”