You are here: Home - News -

Magellan slashes complex prime fixed rates

by: Heather Greig-Smith
  • 25/04/2017
  • 0
Magellan slashes complex prime fixed rates
Magellan Homeloans has cut two-year fixed rates across its range of complex prime products.

The specialist mortgage lender has made cuts of up to 1.01% on mortgages up to 85% LTV. Its complex prime range offers a choice of two and three-year fixed rates and Libor trackers, with rates starting from 2.99%.

All mortgages are manually underwritten and Magellan doesn’t use credit scoring.

Jason Neale (pictured), sales director at Magellan, said: “These cuts of up to 1.01% on our two-year fixes will be welcome news for both brokers and their clients. Our tracker rates have also been brought in-line with our fixed rates, giving borrowers a choice of either a fixed rate, or a variable rate deal with no early repayment charges.”

Magellan’s complex prime and credit repair products are designed for borrowers who are unable to obtain a mortgage from a high street lender, including those who are self-employed and who have complex incomes.

Earlier this month Magellan joined the Connect for Intermediaries panel to offer complex prime and credit repair products to a wider range of brokers.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @robjupp: Great day yesterday for donations to @MortSleepOut. With Gift Aid, we are now close to £17,000. It would be great to get to £2…

Read previous post:
Two suits ready to start a fight, one with boxing gloves on
Rate war signals competition but can only go so far, brokers warn

Headline-grabbing mortgage deals with record low interest rates are a product of the competitive mortgage landscape, but brokers have warned...

Close