Positive Lending is to support Magellan Homeloans’ launch of its fees assisted packager exclusive range by waiving the packager fee.
All applications across Magellan’s Complex Prime products will benefit from a free valuation (up to £600), free legals fees on all remortgages or £450 cashback on purchases.
In addition, when submitted via Positive Lending there will aso be no packager fee.
Stephanie Charman, director of mortgages at Positive Lending, said: “It’s fantastic to see Magellan provide packagers with a product range that not only supports borrowers needing flexible underwriting but also assistance with upfront fees. With their complex prime range also offering competitive product pricing this becomes an attractive option for both existing and first time buyers who may be struggling to find those extra funds.”
Jason Neale, sSales director at Magellan Homeloans, added: “Packagers provide huge value to intermediaries by helping them to place non-standard cases and more importantly, work to present each application to lenders so that it has the greatest chance of success.
“To provide this level of value without charging a fee is an incredible offer from Positive Lending which combined with Magellan’s free valuation and legal fees product provides brokers with an irresistible offer of absolutely no upfront fees for their clients.”