Directly authorised brokers submitting applications via TMA will be able to offer their clients Magellan’s Complex Prime and Credit Repair products, which have been designed specifically 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 (pictured), sales director at Magellan Homeloans, said: “We’re delighted to have signed a distribution agreement with TMA and are looking forward to working with them and their brokers during the months ahead. They can be assured that they will receive a fast, personal and professional service from Magellan.”
Lisa Martin, development director at TMA parent company LSL Financial Services, added: “Magellan’s products are ideal not only for borrowers with credit blips and adverse credit records, but also those with unusual or complex incomes or who work for themselves. They are a welcome addition to our lender panel.”
Magellan aims to target people who would otherwise be locked out of the mortgage market because of their credit history, but who can demonstrate affordability.