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

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...