This development means Magellan now caters for a wide range of borrower circumstances ranging from Near Prime through to its Credit Repair range, which is aimed at borrowers with poor historical adverse credit resulting from an unexpected life event.
While appointed representatives can continue to access the product range via their network approved packager, 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.
Magellan's new Near Prime range offers:
- A choice of variable and 2 or 3-year fixed with rates starting from 3.41%.
- 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 ERCs on fixed rates.
Simon Read, Managing Director, Lending at Magellan Homeloans, said:
“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.
“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.”
