Magellan launched last week targeting rehabilitated heavy-adverse borrowers as part of a soft launch. Magellan said it would run a pilot targeting ‘disenfranchised’ borrowers who had previously suffered credit problems but maintained a clean record over the last 12 months.
Sesame has now added the lender to its panel and said this addition would give its members a wider choice of products.
John Cupis (pictured), managing director of mortgages at Sesame Bankhall Group, said: “Over the last few years we have seen new lenders enter the market with mortgage products for clients with past credit issues.
“The addition of Magellan Homeloans to the SBSLS panel will give Sesame members further choice for clients who have experienced past issues. This demonstrates how SBSLS is continually updating its panel of specialist lenders in order to help advisers place a wide variety of mortgage cases to suit clients’ needs.”
Clive Willson, director of sales at Magellan Homeloans, said: “We are delighted to be working with Sesame in offering our new lending proposition to their appointed representatives via SBSLS.
“It will undoubtedly enhance their advisers’ opportunity to place a mortgage enquiry for clients that have experienced a one off life event that has resulted in an adverse credit record.”