The lender enhanced its product proposition last summer by launching a range of Complex Prime products to complement its existing Credit Repair products. Access to the new range was initially made available exclusively via packagers to gauge market appetite for Magellan’s products and flexible manual underwriting process, and to ensure Magellan could carefully manage its service levels.
Magellan has confirmed that from today it is giving all intermediaries, whether appointed representatives or directly authorised advisers, the choice of whether to submit applications on a direct-to-lender basis or via one of its approved packagers.
Simon Read, Managing Director, Lending, at Magellan Homeloans said:
"Based on their own preferences and experience, intermediaries can now make their own choice to either submit applications to us directly or continue to take advantage of the benefits of using a packager. Whichever submission route they opt for, they are guaranteed to receive a fast and efficient service, provided by skilled underwriters rather than an automated credit scoring system."
