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.”