Mortgage News
Former GE director joins Magellan
Specialist adverse lender Magellan Homeloans has appointed Mark Snape, the former GE Money sales director, as managing director of lending.
Snape has 30 years’ experience in financial services working at firms such as Compass Financial Group, Citi and First Plus Financial and was responsible for distribution strategy, product development and creating a post-MMR model at GE.
Managing director Matt Gilmour said: “I’m delighted that Magellan Homeloans has been joined by an industry heavyweight of Mark’s standing and experience.
“Mark’s remit is to take a strategic look at both our product proposition and distribution model and ensure they are appropriate for the mortgage market of 2014 and beyond.”
Snape said: “The uniqueness of the overall proposition and the opportunity for me to add value to the business were the reasons I was attracted to Magellan.
“There are many thousands of borrowers with impaired credit records, often as a result of circumstances beyond their control, who have proven their ability over the course of the past year to manage their finances responsibly.”
Episode 2: Affordability : Powered by Partnership podcast from Newcastle for Intermediaries
Sponsored by Newcastle for Intermediaries
“They deserve a second chance,” said Snape. “And it’s encouraging to see a company such as Magellan providing them with the opportunity to get back on the housing ladder once again.”
Magellan, which launched its heavy adverse range in August last year, will consider applications from borrowers with large amounts of historical adverse credit providing applicants can explain and document the reasons for their financial difficulties and can demonstrate they have had a clean credit history for the last 12 months.
Speaking at the Mortgage Business Expo in November, Gilmour criticised mortgage brokers for being “fast asleep” to borrowers with an adverse credit profile and urged them to be less reliant on government-backed schemes such as Help to Buy.