Mark Snape, managing director lending at Magellan Homeloans, (pictured) said: “The intermediary sector continues to be the single most important source of new business for mortgage lenders and, as the UK’s newest [active] mortgage lender, we feel it is important to be part of a trade association which is focussed on issues relating to intermediary lending.”
Magellan launched its credit repair product for borrowers with heavy adverse credit over 12 months ago in August last year.
The product range was criticised for its high LIBOR-linked rates which were set at LIBOR + 8% when it launched with its five products tailoring to different levels of credit impairment.
But this month Magellan slashed its rates to as low as 5.42% following feedback from the industry and the availability of cheaper funding.
