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.