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Magellan launches fee-free mortgage; Skipton introduces three year cashback – roundup

by: Antonia Di Lorenzo
  • 12/06/2018
  • 0
Magellan launches fee-free mortgage; Skipton introduces three year cashback – roundup
Specialist lender Magellan Homeloans has launched a fee-free option on fixed term mortgages and Skipton Building Society has introduced three-year cashback products in its residential range.

Magellan Homeloans has launched of a fee-free option on their two and three year fixed range of mortgages, whilst Skipton Building Society has introduced three-year fixed rate products offering 2.16% to 60% loan-to-value (LTV), 2.23% to 75% LTV and 2.42% to 85% LTV, all with £500 cashback for purchase and remortgage.

The option introduced by Magellan Homeloans means no completion fee and no valuation or application fees, potentially saving borrowers almost £3,000 in upfront fees. Rates include two year fixed from 3.59 per cent at 70 per cent LTV and 4.39 per cent at 85 per cent LTV.

The revamped range includes rate reductions of up to 0.12% and “Hexit” products designed for those wishing to switch from their Help to Buy mortgage offering £1,000 cashback. The Hexit range includes a two-year fix at 2.29% to 75% LTV.

Simon Read, Magellan’s MD Lending said: “We’re constantly listening to our brokers about how we can help them to find suitable answers for the challenges their clients face when trying to find a mortgage. We pride ourselves on looking at each case on its merits and providing a bespoke, manual underwriting service, looking into the detail so we can often accept borrowers that others may not consider. This option adds to that armoury.”

Carl Shave, director at Just Mortgage Brokers, said: “Magellan’s introduction of its fees free and cashback products, together with a free standard mortgage valuation up to £600, demonstrates their ongoing commitment in the near prime and credit repair mortgage sector and for those borrowers needing a flexible approach to underwriting. ”

Meanwhile, Skipton is offering five-year fixes for purchase, including a fee free 2.69% to 90% LTV, and 1.83% to 60% LTV with a £1,995 fee. For remortgagors, the range offers a fee free two-year fix at 1.99% up to 60% LTV and a fee-free two-year fix at 2.34% to 90% LTV, both offering free upfront valuation and standard legal fees.

The new range also includes a fee-free seven year fix at 2.99% to 90% LTV for purchase and remortgage.


Kris Brewster, Skipton’s head of products, said: “Skipton’s new refreshed residential range has an emphasis on offering wide choice and good value and we’re delighted to introduce new three-year fixes offering £500 cashback, as well as continuing to offer our range of “Hexit” products.

“These new products are available through the Society’s Skipton Direct customer service centre, branches and all intermediaries,” he added.

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