"For too long, the Scottish market has been underserved when it comes to specialist residential lending"
Magellan's range includes products tailored to self-employed workers, first-time buyers, those on complex income structures, and borrowers with impaired credit profiles.
Products include two and three-year fixed rates starting from 2.99% at 70% LTV.
Magellan will accept up to four applicants along with family gifted deposits and gifted equity, in addition to builder gifted deposits/incentives of up to 5%.
Last week, Magellan announced its entry into the Help to Buy sector, making the scheme available across its entire residential product range.
Simon Read, managing director, commented: “Brokers tell us that there is a distinct lack of choice for complex borrowers in Scotland who need individually tailored mortgages. As specialists in helping people who have been turned down by the High Street, we’re delighted to be expanding our offer in to Scotland. Our expertise in manual underwriting enables us to look behind the numbers and evaluate someone’s real life circumstances, providing an answer that may not be available elsewhere.
“We aim to provide a best-in-class service to our brokers from first consideration through to completion and to ensure we do this, we’ve recently created a new team of account managers to provide one-to-one contact and trebled our underwriting team. We’re getting some great feedback on our service from our intermediaries and are delighted to extend this to Scotland.”
Nathan Ellis-Calcott, director of specialist lending at Your Mortgage Expert, added: “For too long, the Scottish market has been underserved when it comes to specialist residential lending, so it’s fantastic news to see a lender like Magellan Homeloans offer their products to intermediaries and borrowers north of the border.
"We have been crying out for more lenders who use a common sense approach to underwriting, especially for those borrowers who don’t fit strict high street lending criteria. With the flexible near prime product range and the unique credit repair products, I look forward to working with Magellan to help get more Scottish customers into their dream home.”
