Following a pilot for Appointed Representatives (ARs), Magellan has extended its near adverse credit range to directly authorised (DA) mortgage advisers through its approved packager panel.
The lender offers a near prime and credit repair range aimed at borrowers with unexpected one-off life events which derailed their credit status.
The new near prime range includes a choice of variable and two or three-year fixed loans with rates starting from 3.41%, depending on LTV and borrower circumstances.
The loans have a completion fee of £995 up to 80% LTV and £1,495 for loans up to 85% LTV, with no early redemption charges on variable rate deals or overhanging ERC’s on fixed rates.
The lender packager panel includes: Active Investments, AToM, Brightstar, Brilliant Solutions, Complete FS, Manor Mortgages, Sesame Bankhall Mortgage Processing, The Select Partnership, Solent Mortgage Services, The Finance Centre, The Mortgage Partnership and The Mortgage Processing Centre.
Simon Read, managing director, lending at Magellan Homeloans, said: “Our intermediary partners have been asking us to extend our product range up the credit curve because of the large number of borrowers that are being declined or cascaded to more expensive products, as a result of other lenders automated credit scoring systems.
“This development will enable more intermediaries to offer borrowers the benefits of our flexible underwriting approach and competitively priced specialist mortgage products.”
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.
